When you start to plan your estate, it is likely that you will quickly become overwhelmed with all of the estate planning options available. It can seem near-impossible to figure out what trust or will solution will work best for you, since there are so many different factors to consider.
If you are a parent of an adult child who has proven to be inept at handling money, it can make your estate planning efforts especially challenging.
If you've begun the estate planning process, then you've likely heard the term "fiduciary" thrown about. This word can be used to describe the duty that either an institution or a person has to protect the interests of another with the utmost loyalty, trust and honesty. Some refer to this obligation as providing a "higher standard of care".
When a person does not make a will, or when a person's will cannot be legally validated, intestate law is the name for the procedure that is put in place in order to transfer the remaining estate to the appropriate beneficiaries. This can be very difficult to do, because the wishes of the deceased person are not known.
An inter vivos trust is the formal term for what is commonly known as a living trust. A living trust means that you are able to place your assets in this trust, modify the contents of the trust, and if desired, revoke the trust during your lifetime.