What do successor trustees and executors do?

An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or may use so-called “independent” administration for an unsupervised probate. A trustee, on the other hand, is an individual or trust company named in a trust document and is in charge of the assets that are held in a trust. Assets held in a living trust avoid probate, which means that court supervision is typically not required. In most revocable living trusts, you act as the trustee.
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Caution: Creditors Now Have Easy Access to Inherited IRAs

Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by strangers. Fortunately, retirement account protection still exists by using Standalone Retirement Trusts. Read More

Organizing for Tax (and Estate Planning) Season

It’s the start of a new year, which means tax season—and this year’s April IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways.

This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone.

Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan. Read More

Wills vs. Trusts: A Quick & Simple Reference Guide

Confused about the differences between wills and trusts?  If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide to give you the basics on (1) What Revocable Living Trusts Can Do – That Wills Can’t; (2) What Wills Can Do – That Revocable Living Trusts Can’t; and (3) What Both Wills & Trusts Can Do. Read More

Why a Trust Is the Best Option for Avoiding Probate

Setting up a revocable living trust is quite often the best, most comprehensive option for avoiding probate. Often touted as an alternative to a will, a trust is a legal structure that permits management of your assets by a trustee on behalf of your beneficiaries. A living trust is established while you are still alive, as opposed to being created upon your death. Read More