Question 1: What is ademption? Ademption refers to when a Will leaves a specific gift to someone, but, when the time comes to distribute those gifts, the person who made the Will no longer owns that property. In this situation there is nothing for the estate to give to the named beneficiary, so the gift has failed, or adeemed. Question 2: How does ademption happen? There are two … read more
Wills and Trusts
Yes, Singles Need an Estate Plan Too
The majority of any estate planning attorney's clients are older, often retired people who want to make sure their families can receive an inheritance. For younger, single people, however, the idea of creating an estate plan occurs about as often as the idea of joining the AARP. While it's true that many people aren't likely to need their estate plans any time soon, they still need to … read more
Formalities of a Will
While putting together a will might seem like second nature to some, it’s a complete mystery to others. We’re going to go over what the basic formalities of a will are and why they are important to follow. The will must be in writing: By writing, I’m not referring to handwriting. It is recommended by most estate planning attorneys to avoid handwriting your will if at all possible. … read more
Who Pays Income Tax on a Revocable Living Trust?
One of the main reasons for establishing a revocable living trust is so that assets can be transferred into the trust and, when you pass away, those assets can be distributed to the trust beneficiaries outside of the probate process. But who pays taxes on income earned by the trust assets? Here’s a general overview of how it works: During Your Lifetime When you establish a … read more
Do You Need a Living Trust or a Testamentary Trust?
Establishing an estate plan that works the way you expect it to and accomplishes your goals requires choosing the appropriate estate planning tools. For example, do you know the difference between a testamentary trust and a living trust? These two types of trusts are used for different purposes, and they have different advantages and disadvantages. Testamentary Trust A testamentary … read more
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