An SRT is a special type of trust. It designates the intended beneficiary of your retirement accounts after you die.
Category Archives: Heirs
No matter the month, wedding planning usually includes tuxedos, dresses, rehearsal dinners, guest lists, and the honeymoon. However, too many couples fail to consider an important element that should make every “to do” list – a couples estate plan.
An important first step for creating an estate plan? Take an inventory of your money and property. Regardless of your wealth or financial struggles, everything you own is part of your estate and should be listed–or at least accounted for– in your inventory.
Many parents express concern their in-laws becoming outlaws. Their children may divorce. In this case, a divorcing spouse could seize their children’s inherited money and property .
Distressed children often call estate planning attorneys. Their deceased parents wrote a will or a trust without itemizing an inventory. So the kids have no idea which accounts, insurance policies, or items of real and personal property their parent owned.
While many assume that a will or trust signed in an attorney’s office is valid, such is not always the case. Attorneys who do not specialize in estate planning may be unfamiliar with the formalities required to make a will or trust legally valid in their state.
Keep a majority of the details private until your death, Start the conversation with successor trustees.
Unlike other estate planning options, an RLT grants the ability to maintain control and enjoy accounts and property during someone’s lifetime. What’s more, it maintains privacy relative to how to manage accounts and property.
Everyone eventually dies. To help you make things easier for your loved ones, please call our office to schedule a consultation with one of our experienced attorneys.
With significant funds in the account, the family may need to file probate to claim the funds. However, most states follow a small estate affidavit process.