Estate planning is important for adults of all ages, and it is an absolute must if you are the parent of dependent children who are relying on you for everything. Unfortunately, there is a shocking lack of preparedness among young adults. According to a survey conducted by Caring.com last year, only 16.4 percent of people between the ages of 18 and 34 had estate plans. The number was 27.2 percent for individuals in the 35 to 54 age group. Some people know they should have estate plans, but … [Read more...] about How Do You Include a Child in Your Estate Plan?
You may use different types of trusts as part of your estate plan to satisfy various objectives. It may be hard for a layperson to sort it all out, so it is our job to provide understandable explanations. With this in mind, we will take a look at two commonly used trusts that can be beneficial even if you are not a multimillionaire. Revocable Living Trust The revocable living trust is a very effective estate planning tool and an ideal alternative to a simple will. One of the reasons people … [Read more...] about Testamentary Trust vs. Living Trust: What’s the Difference?