Pot Trusts Explained Estate planning rarely follows a one-size-fits-all approach. Every family has different financial goals, family dynamics, concerns, and priorities. Some parents want equal distributions among children. Others recognize that life circumstances rarely remain perfectly equal over time. A pot trust offers one possible solution for families seeking flexibility rather than rigid distribution structures. […]
Category Archives: Joint Trusts
06
Sep
Sep
If you designate someone as a joint owner and you die, you cannot control what they do with your property after your death. Perhaps you and your adult child co-owned a business. You may state in your will that the business should be equally shared with your spouse or divided between all your kids; however, the rights of joint owners take priority over the terms of your will, meaning the joint owner will now have full ownership and control over the property.
A living trust is a legal document that allows you to transfer your assets into a trust during your lifetime. This can help your estate avoid probate, a potentially lengthy and expensive legal process. A living trust also provides privacy, as it does not go through the probate process, which is a matter of public record.
16
Jun
Jun
If you are in a long-term relationship with your partner but remain unmarried, you may want to take advantage of these benefits. However, joint trusts do not work for unmarried couples. This may not seem fair. However, there are some important reasons why unmarried couples should consider separate rather than joint trusts.