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Category Archives: Trusts
After a Financial POA springs, the person nominated to handle your affairs may do what you would have otherwise done sans incapacitation.
The reasons a trust-maker creates a trust emerge as important. However, your intent or purpose for creating a trust imparts legal ramifications. Therefore, a trust-maker must express (in writing) their intent or purpose for creating the trust.
The trust created often leaves instructions to the trustee. In these, they note that older children earn an advancement from the common trust. They use this to pay for expenses such as buying a home or starting a business.
When you die, your accounts and property pass to minor children in equal shares. However, such money often proves insufficient for individual heir’s expenses.
Whether you filed for Chapter 7 or Chapter 13 bankruptcy, assume that you own less money and property than before the bankruptcy. However, during the bankruptcy process, the court reports certain accounts and pieces of property under a federal or state exemption.
No trust contains unlimited funds or an interminable time horizon. In the end, every trust eventually ends.
In most cases, people emphasize the complexities associated with court involvement. Namely, court supervision makes the process of distributing money and property a public proceeding.
Unfortunately, despite our best efforts, millions of people misplace wills and trust documents.
The first way to properly prepare to receive an inheritance is to discover what you will be inheriting. Is it real estate, a 401(k), or an individual retirement account (IRA)?