Link chart in the Last Will and Testament

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How to Link chart in the Last Will and Testament

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hey Im a state planning attorney Paul Rabelais and in this video were gonna talk about who you should name as the executor so Ive either prepared or overseen the preparation of about probably about 10,000 wills or so over the last three decades in every single will that Ive either prepared or oversaw the preparation of there was an executor named some people get hung up on their executor decisions so in this video were gonna talk about the things that factor into and the things that may keep you from getting hung up on naming an executor all right so the first thing I want to do is Im going to talk about who typically is named as executor but you may not have typical circumstances so after we talk about whats typical well talk about the roles of the executor and and hopefully by the end of this video youll have a really good idea of who you should name as your executor all right so whats typical well if youre married its typical that you name your spouse as the executor if

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Is a last will and testament the same as a trust?

Estate planning can be done by writing a will or setting up a trust. While a will is a document that expresses the creators wishes regarding the distribution of their property, a trust is an arrangement that allows a third party to hold and direct the creators assets in the trust fund.

What assets should not be in a trust?

What assets cannot be placed in a trust? Retirement assets. While you can transfer ownership of your retirement accounts into your trust, estate planning experts usually dont recommend it. Health savings accounts (HSAs) Assets held in other countries. Vehicles. Cash.

What are the pros and cons of putting your house in a trust UK?

The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork.

What are the disadvantages of putting your house in a trust?

Potential Disadvantages If you place just your home in trust, your other assets will still be subject to probate, whether or not you also have a will. Even modest bank or investment accounts named in a valid trust must go through the probate process.

Does a will override a trust?

A. No. The trust is activated by the will on the death of the first spouse/partner, and not at the time of executing the Will. If you are both alive and in care, the trust would not initiated, hence the local authorities can target the property when assessing liability for care fees.

Is it a good idea to put your house in trust?

Another potential advantage is that a trust is a way of keeping control and asset protection for the beneficiary. A trust avoids handing over valuable property, cash or investment while the beneficiaries are relatively young or vulnerable.

What are the disadvantages of a living trust?

Other disadvantages include: Limitations on transfers. Once you move your assets into a trust, you must follow the trust documents instructions on assignments. No tax avoidance. For the most part, you are unable to completely avoid paying taxes on living trusts. Increased contesting period.

What are the pitfalls of a living trust?

Most people think the benefits outweigh the drawbacks, but before you make a living trust, you should be aware of them. Paperwork. Setting up a living trust isnt difficult or expensive, but it requires some paperwork. Record Keeping. Transfer Taxes. Difficulty Refinancing Trust Property. No Cutoff of Creditors Claims.

What kind of trust does Suze Orman recommend?

Revocable Living Trust - Do You Need One? Suze Orman explains why everyone needs a living revocable trust to protect their health and finances.

Can I move house if my house is in trust?

An added benefit of a Property Protection Trust Will is its flexibility. For example, the surviving spouse can move house, downsize etc. The terms of the Trust will still apply to the new house. They cannot sell or spend the trust funds but the trust can be transferred to another house.

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