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Apr 12, 2023 · Explore the basics of estate planning, outlining the set of documents suggested for you to make your intentions clear. Source: Morgan Stanley. 1. Draft a list of your assets. A good place to begin is compiling an overview of all of your assets.
- The Basics of Trust
- Choosing A Trustee
- Trusts, The Advantages
- Securing Your Legacy
A “trust fund” is less a financial account than a contract to manage the investment and/or distribution of assets under that contract. Every trust has three components: 1. Grantor: The person who transfers assets into the trust. 2. Beneficiary: Any person(s) or institution(s) receiving assets or money from the trust. 3. Trustee: The individual or c...
Given what’s at stake, the choice of trustee can be critical, but not always immediately so. For a revocable trust, for example, you can simply name yourself and/or your spouse as the current trustee(s). When you are not around to serve as trustee, however, you may want to consider an experienced professional or corporate trustee. Why? Because an i...
Some of the advantage of establishing a trust include: Privacy: A conventional Last Will and Testament and its contents become a public record upon death if probate is required. However, assets held in trust typically remain confidential. Creditor protection:As an independent entity, an irrevocable trust may protect the trust assets from creditor c...
Building, protecting and passing on a legacy involves much more than investing wisely. It requires careful analysis of your objectives, intelligent structuring of your assets, and integrated, strategic planning and implementation. A trust can be a valuable tool for ensuring continuity in achieving the financial objectives you envision for your fami...
- Communicate. When you’ve been named an executor, the most important first step is to have a discussion with your parent (while you still can) to ensure you fully understand their expectations.
- Locate the Will and other important documents. As executor, it is your responsibility to locate the original will and submit it for probate. It is a good idea to get it now and make sure you are keeping it in a safe place.
- Obtain copies of the death certificate. You need to purchase multiple copies of the certified death certificate—for banks, insurance companies, credit providers and others.
- Determine whether the estate must go to probate. If your mother or father set up a living trust or certain other trusts and transferred all of their assets to that trust, you may be able to avoid probate—the court process of proving the Will’s legitimacy and then dispersing the estate’s assets according to the terms spelled out in the Will.
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The Wealth and Estate Planning Strategists look at all aspects of an individual’s estate to understand the potential income tax and estate planning attributes of the vehicles. The goal is for the client and his or her investment professionals to make more informed investment decisions looking at
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Three Keys for Estate Planning. Organization – maintain a document that contains the names and locations of all assets, legal documents and passwords to online accounts. Communication– several family members should know the details of your estate plan and the right people to call if anything happens to you.
