Important Steps on How to Establish a Living Trust
One of the best estate planning tools you can utilize is a living trust. Establishing a trust allows your loved ones to avoid lengthy and complicated probate and may save your family money in administrative expenses and taxes. So how do you set up a living trust? The requirements of a trust to be considered legally valid include:
You need to have the intent to create a trust. This is a fairly simple requirement to meet by stating your intent in the trust document.
You need to have the testamentary capacity to create a trust. This means you need to have the mental capability to create and sign the trust document.
Your trust must have a specific, legitimate purpose (e.g., for management of assets in your estate plan).
The trust must convey some form of property. This means you cannot simply create a trust and it be barren. Future interests in property are acceptable, but they must be in existence at the time you created the trust. Speculative property, such as future earnings from a non-existent business, is not valid.
You must name a trustee. This is the person in charge of holding the trust and transferring trust assets to a beneficiary, or beneficiaries.
Relatedly, you must name a beneficiary. This is the person, or individuals, who will receive the trust assets.
Sign the trust document in front of a notary public.
Some states also require that witnesses are present to see you sign the trust document.
Most people never expect to get divorced. They love their spouse and anticipate spending the rest of their lives in marital bliss. Unfortunately, the data indicates this is not the norm. In fact, in the United States, nearly half of all married couples wind up getting divorced, according to the American Psychological Association.
This is why it is important to be prepared and have as much information at your disposal. Click the link below for a general overview of how a divorce can impact your estate plan.
The Shocking Link Between Sleep Problems and Dementia
Doctors discovered a link between sleep deprivation and increased risk for Alzheimer's in a recent medical study. Researchers noted that levels of amyloid-beta protein in the bloodstream increased during waking periods and declined during sleep. This is important because amyloid-beta protein can be found in the brain plaques that are prevalent in patients with Alzheimer's disease. Basically, this means the less sleep you get, the higher levels of amyloid-beta protein, which in turn may create a higher risk of developing dementia.
Bobby Explains How to Distribute Personal Effects in Your Estate Plan
Attend an InSight Event
Truth About Estate Planning (Morning Session)
Date: February 14, 2018
Time: 10:00 am - 12:00 pm
Location: InSight Law's Ashburn Office
Most people don't know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don't fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions.