WHEN SHOULD YOU REVIEW & REVISE YOUR WILL OR REVOCABLE TRUST?

It is not unusual for clients to wait 20 years or longer before re-reading their wills or revocable trusts to determine if they still “work.” This occasionally creates expensive or frustrating problems. Continue reading

IS A LAWYER NEEDED TO ADMINISTER A REVOCABLE TRUST AFTER DEATH?

A revocable trust (sometimes known as a “living trust”) is a will substitute that avoids probate at death. Thus, a lawyer is not needed to prepare and file probate documents with a court. Do you need a lawyer for anything else? Usually the answer is “yes,” at least on an as needed basis. Continue reading

AMENDING, RESTATING AND DATING YOUR LIVING TRUST

The date of your living trust is the date it was first signed.   This never changes.  Thus, the John H. Smith Revocable Trust U/A/D 06/24/2012 does not acquire a new name or date no matter how many times it is amended or restated.   If the trust is revoked and a new trust is created with the same name, the date of the new trust will be the date is it signed.  But the date of the old trust does not change.
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LIVING TRUSTS VS. WILLS

Everyone should have a living trust. Avoid probate at all costs. Avoid horrible death tax bills. Avoid exorbitant executor fees and legal fees. The list goes on and on. While there is a grain of truth in these arguments, you should take a closer look before expending resources on a living trust. Here’s why.
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