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Will You Add? - Estate Planning Decisions: Choosing Trusts - Wills and Lawyers
Without a doubt learning new skills and developing the right attitudes in sales is vital. Without them it is impossible today to ensure your continued success. Whether these new insights come from a mentor or coach, reading, attending seminars, listening to CD’s or just talking with peers or your manager it is essential to continue to hone your abilities if you want to successfully compete in today’s changing world.I believe in learning and spending dedicated time each day to the discovery of creative ideas and approaches to sell and service your customers. Successful salespeople know and accept the simple truth that you can’t succeed in today’s world with yesterday’s skills and tactics. You must keep learning.However, it is also important to continue your unlearning as well. What is unlearning? Here is a simple example.For years you have believed that selling is only a numbers game, that if you see enough prospects you will make enough sales. I have never believed this philosophy because it implies that it doesn’t really matter who you see as long as you persistently just keep logging more and more sales calls – regardless of the nature or
In the final analysis, trusts are usually more expensive than wills to prepare, but wills administered through a court supervised probate are usually more expensive and time consuming than administering a trust. However, at least in California, there is another possible alternative: An expedited procedure for small estates (i.e., estates under $100,000, excluding exempted property) [California Probate Code §13100], which does not require opening and administering a probate estate. Therefore, in some cases opening a probate may not even be necessary.
Do I Trust Trusts?
Trusts are all the rage -- and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the "
Email marketing can be one of the most fulfilling online income makers, and yet many people continue to make beginner mistakes month after month – and wonder why they don’t have better responses.So what is the number one mistake of email marketing? The number one mistake of email marketers and in email marketing is that of not treating your subscribers personally, as if they are a person, and not just a name on your list. This is one of the most dangerous things you can do to your list.So how can you treat your subscribers personally? The first thing you should be doing is using your autoresponders’ personalization technique to make sure your subscribers are begin addressed by their first name.The second thing you can do to treat your subscribers personally is to write the emails as if you are writing it to one person. Envision one subscriber in your mind, then write to that one person alone. Do not use language like ‘to all my subscribers’ or to ‘you all’. Be sure to write as if you know the very one person who is going to read your letter, and write only to that person, then use your autoresponders’ personalization feature to send it to e
One thing I have learned about my handyman hobby is that I should expect to buy twice the building materials that I should need to complete the project. Experience tells me that I will use all of those materials. My habit is to try to build the first time, fail, and then to try it again. Almost invariably, I will end up building or fixing up the same thing at least twice -- once or twice for practice, and then "for real."
Some who would never consider fixing a garage door or stuccoing a wall would unthinkingly prepare a will or trust using many materials found in bookstores. Bookstores abound with quick-fix be-your-own-lawyer books and CDs, featuring forms and fill-the-blank forms and programs for wills, trusts, and powers of attorney for healthcare decisions. Some of these materials are even state specific, offering different provisions for residents of different states.
Some of these do-it-yourself materials are fine, and may even be useful. If correctly used, many of these forms might work for a do-it-yourselfer. But suppose your case is different? Suppose you fail to properly use the form?
One thing I have noticed about building materials is that the old rule of thumb generally applies: you get what you pay for. The same is true in estate planning. But it is also true that legal documents such as wills and trusts oftentimes do not "speak" until the author is deceased or incapacitated. Because of this fact, in the case of estate plans the handyman analogy of buying double the building materials breaks down. If a wall is improperly built, it can be torn down and redone. But if a will is improperly drafted, or if it fails to state the intent of the author, there is often no opportunity for a second try. Rather, in many cases, when the author of the will or trust is incapacitated or deceased, the planning "solution" either fails, or has completely unexpected and unwanted consequences.
Still, to be a good consumer of legal services, self-education is essential in communicating needs to an estate planning professional. The following is an overview of some of the major estate planning topics that should be applicable in most states.
Help! I Must Avoid Probate!
As a youngster, I recall seeing a thick blue booklet in my family's bookshelf written by Norman F. Dacy, entitled How to Avoid Probate. The book is a classic, and helped to spawn the move within estate planning field away from wills, and toward "living" or "inter vivos" trusts (which is Latin for "during life").
Some now associate the word "probate" with the twin evils of expense and delay. Many conclude that probate is "bad," but may not have any idea why this is so, or even what exactly probate is. Simply stated, "probate" is a court-supervised method of transferring property and compensating creditors after death. In California, for instance, there are two main methods of communicating one's wishes for disposition in a court supervised probate proceeding. The first is through a properly witnessed and executed will. The second method is through a "holographic," or handwritten will (although, not all states offer a holographic will). To be valid, both types of wills have specific requirements, the details of which are beyond this article.
One myth many have is that a person's assets will always go "to the state" if he or she dies without a will. This is false. The "intestacy" statutes provide for specific property dispositions in the absence of a will -- however, these dispositions may not reach the desired result. For instance, in California should a wife with two adult children by her husband die, the husband would by definition already own one half (1/2) of the community interest of the entire estate. Under the intestacy statutes, the husband would also receive one half (1/2) of the wife's community share [California Probate Code §6401(a)] (now, giving him a grand total three fourths' (3/4ths) share of the total estate of both) and the two adult children would split the remaining one half (1/2) of their mother's assets. [California Probate Code §6402(a)]. However, this may not be the best: If the children are stingy and well-off adults, the wife might have wanted her entire estate to go to her surviving husband.
Another myth is that probate estates always go on endlessly, and are always horrendously expensive. While estates can be time consuming and expensive, most can be handled in months, depending upon the complexity of the estate, the number of creditors, and other factors such as the tranquility of family relationships. On the other hand, there is certainly truth to the criticism that probate estates can be lengthy affairs: Personally, I am familiar with a probate estate which has been pending since 1991 -- about 16 years. Also, probate estates can take additional time if there are complicating circumstances like (for example) the heirs are difficult to locate or if there are disputes among family members.
Concerning the issue of expense, in California the ordinary attorneys and personal representative fees are determined by statute, and are set out specifically in the Probate Code [California Probate Code §§10800]. Extraordinary expenses may sometimes be charged, but the court must permit the added expense. Sometimes expenses may be saved if the personal representative waives his or her fee. If the executor or administrator is a family member, rather than an institution or professional, fees are often waived to save expense.
In the final analysis, trusts are usually more expensive than wills to prepare, but wills administered through a court supervised probate are usually more expensive and time consuming than administering a trust. However, at least in California, there is another possible alternative: An expedited procedure for small estates (i.e., estates under $100,000, excluding exempted property) [California Probate Code §13100], which does not require opening and administering a probate estate. Therefore, in some cases opening a probate may not even be necessary.
Do I Trust Trusts?
Trusts are all the rage -- and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the "t
Debt Consolidation is nothing more than a "con" because you think you've done something about the debt problem. The debt is still there, as are the habits that caused it - you just moved it! You can't borrow your way out of debt. You can't get out of a hole by digging out the bottom. Larry Burkett, noted financial author, says debt is not the problem; it is the symptom. I feel debt is the symptom of overspending and undersaving. Our certified counselors will not recommend debt consolidation for a client. he reason that we do not use debt consolidation is because it doesn't work.The Truth About Debt Consolidation A friend of mine works for a debt consolidation firm whose internal statistics estimate that 78 percent of the time, after someone consolidates his credit card debt, the debt grows back. Why? He still doesn't have a game plan to either pay cash or not buy at all. He also hasn't saved for "unexpected events" which will also become debt. Debt consolidation seems appealing because there is a lower interest rate on some of the debt and a lower payment. However, in al
Still, to be a good consumer of legal services, self-education is essential in communicating needs to an estate planning professional. The following is an overview of some of the major estate planning topics that should be applicable in most states.
Help! I Must Avoid Probate!
As a youngster, I recall seeing a thick blue booklet in my family's bookshelf written by Norman F. Dacy, entitled How to Avoid Probate. The book is a classic, and helped to spawn the move within estate planning field away from wills, and toward "living" or "inter vivos" trusts (which is Latin for "during life").
Some now associate the word "probate" with the twin evils of expense and delay. Many conclude that probate is "bad," but may not have any idea why this is so, or even what exactly probate is. Simply stated, "probate" is a court-supervised method of transferring property and compensating creditors after death. In California, for instance, there are two main methods of communicating one's wishes for disposition in a court supervised probate proceeding. The first is through a properly witnessed and executed will. The second method is through a "holographic," or handwritten will (although, not all states offer a holographic will). To be valid, both types of wills have specific requirements, the details of which are beyond this article.
One myth many have is that a person's assets will always go "to the state" if he or she dies without a will. This is false. The "intestacy" statutes provide for specific property dispositions in the absence of a will -- however, these dispositions may not reach the desired result. For instance, in California should a wife with two adult children by her husband die, the husband would by definition already own one half (1/2) of the community interest of the entire estate. Under the intestacy statutes, the husband would also receive one half (1/2) of the wife's community share [California Probate Code §6401(a)] (now, giving him a grand total three fourths' (3/4ths) share of the total estate of both) and the two adult children would split the remaining one half (1/2) of their mother's assets. [California Probate Code §6402(a)]. However, this may not be the best: If the children are stingy and well-off adults, the wife might have wanted her entire estate to go to her surviving husband.
Another myth is that probate estates always go on endlessly, and are always horrendously expensive. While estates can be time consuming and expensive, most can be handled in months, depending upon the complexity of the estate, the number of creditors, and other factors such as the tranquility of family relationships. On the other hand, there is certainly truth to the criticism that probate estates can be lengthy affairs: Personally, I am familiar with a probate estate which has been pending since 1991 -- about 16 years. Also, probate estates can take additional time if there are complicating circumstances like (for example) the heirs are difficult to locate or if there are disputes among family members.
Concerning the issue of expense, in California the ordinary attorneys and personal representative fees are determined by statute, and are set out specifically in the Probate Code [California Probate Code §§10800]. Extraordinary expenses may sometimes be charged, but the court must permit the added expense. Sometimes expenses may be saved if the personal representative waives his or her fee. If the executor or administrator is a family member, rather than an institution or professional, fees are often waived to save expense.
In the final analysis, trusts are usually more expensive than wills to prepare, but wills administered through a court supervised probate are usually more expensive and time consuming than administering a trust. However, at least in California, there is another possible alternative: An expedited procedure for small estates (i.e., estates under $100,000, excluding exempted property) [California Probate Code §13100], which does not require opening and administering a probate estate. Therefore, in some cases opening a probate may not even be necessary.
Do I Trust Trusts?
Trusts are all the rage -- and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the "
Credit cards are popularly used by busy people who do not have the time for breaking down their salaries to different personal and family allocations. It will really consume time if you will still segregate your money to allocate it for electric utility payments, or in buying some groceries or other items and other needs. They just resort to using their credit cards for easier payments for these acquired products and services.But do you know that by using credit cards it can get costly? Especially if you are not aware that you have reached your credit card limit, then expect a high credit billing once it arrives. Also, high interest rates can jack up your payments. Maybe it is high time for you to avail of a zero-percent credit card.These zero-percent interest credit cards can lessen your high monthly credit payments because it allows you to pay the principal amount that you have actually used in purchasing a certain product or service in a certain interest-free month as pre-determined by a credit card company. There are also other requirements that you have to meet before being eligible to avail of this service.Getting the Best Deal Available").
Some now associate the word "probate" with the twin evils of expense and delay. Many conclude that probate is "bad," but may not have any idea why this is so, or even what exactly probate is. Simply stated, "probate" is a court-supervised method of transferring property and compensating creditors after death. In California, for instance, there are two main methods of communicating one's wishes for disposition in a court supervised probate proceeding. The first is through a properly witnessed and executed will. The second method is through a "holographic," or handwritten will (although, not all states offer a holographic will). To be valid, both types of wills have specific requirements, the details of which are beyond this article.
One myth many have is that a person's assets will always go "to the state" if he or she dies without a will. This is false. The "intestacy" statutes provide for specific property dispositions in the absence of a will -- however, these dispositions may not reach the desired result. For instance, in California should a wife with two adult children by her husband die, the husband would by definition already own one half (1/2) of the community interest of the entire estate. Under the intestacy statutes, the husband would also receive one half (1/2) of the wife's community share [California Probate Code §6401(a)] (now, giving him a grand total three fourths' (3/4ths) share of the total estate of both) and the two adult children would split the remaining one half (1/2) of their mother's assets. [California Probate Code §6402(a)]. However, this may not be the best: If the children are stingy and well-off adults, the wife might have wanted her entire estate to go to her surviving husband.
Another myth is that probate estates always go on endlessly, and are always horrendously expensive. While estates can be time consuming and expensive, most can be handled in months, depending upon the complexity of the estate, the number of creditors, and other factors such as the tranquility of family relationships. On the other hand, there is certainly truth to the criticism that probate estates can be lengthy affairs: Personally, I am familiar with a probate estate which has been pending since 1991 -- about 16 years. Also, probate estates can take additional time if there are complicating circumstances like (for example) the heirs are difficult to locate or if there are disputes among family members.
Concerning the issue of expense, in California the ordinary attorneys and personal representative fees are determined by statute, and are set out specifically in the Probate Code [California Probate Code §§10800]. Extraordinary expenses may sometimes be charged, but the court must permit the added expense. Sometimes expenses may be saved if the personal representative waives his or her fee. If the executor or administrator is a family member, rather than an institution or professional, fees are often waived to save expense.
In the final analysis, trusts are usually more expensive than wills to prepare, but wills administered through a court supervised probate are usually more expensive and time consuming than administering a trust. However, at least in California, there is another possible alternative: An expedited procedure for small estates (i.e., estates under $100,000, excluding exempted property) [California Probate Code §13100], which does not require opening and administering a probate estate. Therefore, in some cases opening a probate may not even be necessary.
Do I Trust Trusts?
Trusts are all the rage -- and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the "
Testing a website for accessibility can be a time-consuming and laborious process. The free Web Accessibility Toolbar can do most of the hard work for you though and is an indispensable tool for anyone interested in accessibility.The toolbar is not an automated testing tool so does require manual work from you. It's therefore able to avoid the many problems with automated accessibility testing tools. It doesn't require any technical knowledge so even the biggest technophobe can check their website for accessibility!Installing the Web Accessibility ToolbarYou can download the toolbar for free from http://www.nils.org.au/ais/web/resources/toolbar, and after you install it, it will sit in the toolbar area of Internet Explorer. The total file size is just 550kb so the download won't take too long.The toolbar only works on Internet Explorer on Windows, so if Internet Explorer isn't your first-choice browser you'll have to switch browsers when using it. (Alternatively, you can download the Web Developer Toolbar for Firefox which offers similar, but not identical, functionality.)Using the Web Accessibility ToolbarNow you've download
Another myth is that probate estates always go on endlessly, and are always horrendously expensive. While estates can be time consuming and expensive, most can be handled in months, depending upon the complexity of the estate, the number of creditors, and other factors such as the tranquility of family relationships. On the other hand, there is certainly truth to the criticism that probate estates can be lengthy affairs: Personally, I am familiar with a probate estate which has been pending since 1991 -- about 16 years. Also, probate estates can take additional time if there are complicating circumstances like (for example) the heirs are difficult to locate or if there are disputes among family members.
Concerning the issue of expense, in California the ordinary attorneys and personal representative fees are determined by statute, and are set out specifically in the Probate Code [California Probate Code §§10800]. Extraordinary expenses may sometimes be charged, but the court must permit the added expense. Sometimes expenses may be saved if the personal representative waives his or her fee. If the executor or administrator is a family member, rather than an institution or professional, fees are often waived to save expense.
In the final analysis, trusts are usually more expensive than wills to prepare, but wills administered through a court supervised probate are usually more expensive and time consuming than administering a trust. However, at least in California, there is another possible alternative: An expedited procedure for small estates (i.e., estates under $100,000, excluding exempted property) [California Probate Code §13100], which does not require opening and administering a probate estate. Therefore, in some cases opening a probate may not even be necessary.
Do I Trust Trusts?
Trusts are all the rage -- and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the "
A prominent east coast newspaper recently reported important employment insights from one of the nation's top job-search professionals.This 2005 article highlights important information consistent with EEI's recommendations. It's a reality check and a wake-up call for anyone serious about getting ahead.* In a tough job market, those looking for work need to set themselves apart. Nothing does this as well as a face-to-face meeting.* 'Many people have a hard time getting out of the starting gate in their search,' says John A. Challenger, chief executive officer of Challenger, Gray & Christmas, a top outplacement consulting organization.* 'There's an illusion that there has to be some agent, some source out there that has a pool of the best job opportunities,' he says. 'And this agent will go to employers and market my candidacy for me.'* But the hard truth is that job hunters must be their own advocates.* 'Even the most self-assured CEO doesn't like to go out and ask for a job and get rejected,' Challenger says. He suggests using 'some aggressive or unconventional techniques . . .'* 'The goal is to contact an action p
In the final analysis, trusts are usually more expensive than wills to prepare, but wills administered through a court supervised probate are usually more expensive and time consuming than administering a trust. However, at least in California, there is another possible alternative: An expedited procedure for small estates (i.e., estates under $100,000, excluding exempted property) [California Probate Code §13100], which does not require opening and administering a probate estate. Therefore, in some cases opening a probate may not even be necessary.
Do I Trust Trusts?
Trusts are all the rage -- and for good reason. In general, you can avoid the probate court by transferring property to trust. When someone places property into a trust, they transfer ownership to a trustee, who manages and disposes of the property in accordance with the instructions in the trust agreement. Usually, in the case of a fully revocable trust (which means that the trust can be readily amended or revoked) the originators of the trust (called the "trustors" or the "settlors") are also the trustees. In effect, the trustee in such a case manages his, or her, own money.
When you own your own property outright, you can obviously sell it, lease it, spend it, or save it. Depending upon how it is drafted, the same is true in the case of a settlor who places his property in a fully revocable living trust -- the property in such a case may also be sold, spent, or leased. For all practical purposes, the settlor in such a case still owns the property. However, when the settlor dies, his or her successor trustees take over management of the trust, passing the property to the beneficiaries and usually avoiding probate court. A revocable trust of this type, by itself, confers no tax benefit even though there are certain types of trusts, and estate plans, which sometimes can provide such benefits.
Whither Will or Trust?
Like anything, there are pros and cons when choosing between a will and a trust. Most of the pros and cons relate to cost:
Depending upon the circumstance, trusts can provide similar benefits as certain types of conservatorships. If a settlor becomes unable to handle his or her own affairs, the successor trustee can step in and make the necessary decisions to manage the settlors' financial affairs. Wills do not offer this benefit. However, if a person suffers from dementia, for example, a conservatorship "of the person" may still be necessary.
There are benefits to each approach. Also, the law governing wills and trusts may vary from state to state. You should consult with a competent estate planning attorney to choose the right approach for you.
Disclaimer: The information in this article is not legal advice, and the use of it does not create an attorney-client relationship. Any liability that might arise from your use or reliance on this article or any links from this article is expressly disclaimed. This article is not to be acted upon as if it were legal advice, and is subject to change without notice, or may include obsolete or dated information, or information not relevant to your jurisdiction. If you require legal services, you should consult with an attorney.
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