Benefits of the Revocable Living Trust for Your Estate Planning

in Estate Planning, Revocable Living Trust, Wills & Trusts

There are many benefits to a Revocable Living Trust, but often people think that only the wealthy need a Trust for their estate planning. The truth is, there is no magic net worth number that tells us when a trust provides the best planning for your assets. The two key factors that tell us a trust may be the best option are the family situation and what type of property you own. I like to tell clients that if I know the what we are planning for (your assets) and the who we are planning for (your beneficiaries) I can...

04 November

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Revocable Living Trust, Wills & Trusts

Probate is a court proceeding used to settle the estate of someone who has no Will. However, a person that has a Will may also end up in probate court. That’s because a Will doesn’t transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. Probate is time consuming and expensive for a personal representative (or executor, as it’s named in many states). It can be an agonizing and long drawn out procedure. But it is avoidable – with the right estate planning tools, and specifically with the Revocable Living Trust. Couples often...

15 October

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Revocable Living Trust, Wills & Trusts

Avoid Probate by using a Revocable Living Trust as your primary estate planning tool. Many people have big misconceptions of how a Last Will and Testament works. They assume that if they have a Will, their heirs will not have to go to court and file a probate. Instead, for the person who only has a Will, we do have to file a probate with the court at death. That’s because a Will does not transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. I often tell clients a Will is...

16 September

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Estate Planning for Incapacity

Posted by Libby Banks

in Estate Planning, Power Of Attorney, Wills & Trusts

In my previous article I have reminded you that estate planning isn’t just about who will get your assets on your death, it’s also about who will manage your assets and take care of you and your financial affairs if you become incapacitated. With proper planning, you decide; without proper planning a court may get to make the choice. What do we mean by “incapacitated?” Generally speaking, we are referring to a situation where you are unable to make decisions for yourself. Incapacity can result from an accident or arise from health issues, such as stroke, heart attack or dementia. If...

21 September

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Avoiding the Pain of Probate

Posted by Libby Banks

in Avoid Probate, Estate Planning, Wills & Trusts

Avoid Probate by using a Revocable Living Trust as your primary estate planning tool By Libby Banks, The Law Ofﬁce of Libby Banks Probate is a court proceeding used to settle the estate of someone who has no Will. However, a person that has a Will may also end up in probate court. That’s because a Will doesn’t transfer a person’s assets to his or her heirs automatically – it only states who should receive those assets. Probate is time-consuming and expensive for a personal representative or executor. It can be an agonizing and long, drawn-out procedure. But it is avoidable – with...