People often think of wills and trusts as an either/or question. This is true only to a certain extent. We will look at some reasons why you need a will even if you have a trust. Before we get there, let's look at the benefits of a living trust. Streamlined Estate Administration You should consider the tasks of the administrator when you are planning your estate. The administrator of a trust is a "trustee"; the administrator of a will is an "executor". Assets transferred to a living trust … [Read more...] about Does a Living Trust Replace a Will?
Pour Over Will
The one estate planning document that everyone has heard of is the simple will that you can use to state your wishes with regard to the distribution of your assets. You may also designate a guardian for your dependent children if you execute a will. Many people are surprised to hear that this is just one of a number of different types of wills that are used in the field of estate planning. In this post, we will look at these different documents so you can go forward with a better … [Read more...] about Are There Different Types of Wills?
Sometimes people say "it is never too late." This may be true about some things, but there is such a thing as closing the stable door after the horse has bolted. You need to keep this in mind when it comes to Medicaid planning in Oklahoma, Kansas or Missouri. Why Medicaid? If you have worked hard all your life you may wonder why you should even consider the subject of Medicaid. The simple answer is that you have paid into the program during your working career, … [Read more...] about When Is It Too Late to Engage in Medicaid Planning?