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July 11th, 2011

What is a Statutory Will?

(Estate Planners) - One of the simplest wills is the statutory will. The statutory will is a standard legal form that a testator (person making a will) completes by filling in particular information and checking boxes. The statutory will is binding and considering legally valid in only a handful of states, so simply downloading and printing a statutory will form and then filling it out certainly gives no guarantees that it will ever be accepted in the jurisdiction where you live, unless you have checked to be sure that your state recognizes such a form.

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June 20th, 2011

What is a Pour Over Will?

(Estate Planners) - One type of testamentary instrument that is widely used in combination with a trust that was created during a person’s lifetime is a pour over will. A pour over will typically dictates that, when the testator passes away, all assets and property that they own that have not previously been transferred into the trust during the person’s lifetime automatically pour over into the trust.

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June 6th, 2011

What is a Joint Will?

(Estate Planners) - When two people make a will together, the instrument is known as a joint will. In a joint will, the two people making the will bequeath all of their assets and property to one another. The joint will also contains provisions concerning the distribution of assets and property when the second person passes away.

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May 23rd, 2011

What is a Deathbed Will?

(Estate Planners) - ather than die intestate, or without a will, some people choose to create a deathbed will when they realize that their death is imminent. The deathbed will is sometimes called a holographic will. This simply refers to the fact that it is usually handwritten. Regardless of its hasty creation, there are some jurisdictions that will recognize a deathbed will as a binding and valid last will and testament.

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January 10th, 2011

What is a Charitable Trust?

(Estate Planners) - Many people choose to set up a charitable trust to make gifts to their favorite non-profit organization. The charitable trust allows you to donate generously to your chosen charity while giving you and your heirs a substantial tax break. If you want to merely make a few small gifts to a charity, setting up a charitable trust is not necessary. Before setting up a charitable trust, you should talk the matter over with your estate planner.

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December 27th, 2010

What is a By-Pass Trust?

(Estate Planners) - When planning an estate, there are many different trusts to consider, each of them with different benefits and drawbacks for the grantor and the beneficiary. A trust can reduce the amount of money that your heirs will have to share with their least favorite uncle, Uncle Sam. One of the most popular is the by-pass trust, a simple trust that provides a range of long-lasting benefits.

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December 20th, 2010

What is an A/B Trust?

(Estate Planners) - The sole purpose of an A/B trust is to save on death taxes (estate taxes) that are assessed by the Internal Revenue Service when someone dies. This type of trust only works for those that are married when they pass away. The A/B trust can be beneficial to couples and their children or other loved ones in a variety of ways and is a very viable estate planning tool.

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December 13th, 2010

Why You Need a Power of Attorney

(Estate Planners) - If you’re like most folks, you think of a power of attorney (POA) as being someone that is designated to carry out your wishes and stand in your stead when you’re really ill. In actuality, waiting until you are sick or incapacitated to make an important decision like selecting a power of attorney is foolhardy at best – and disastrous at worst.

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December 6th, 2010

Why You Need a Living Will

(Estate Planners) - Most people do not have a living will, but everyone should have one, even if they are young and healthy. A living will is a legal document that outlines your particular wishes in regards to end-of-life decisions, and is your official declaration of whether or not you want to receive life-sustaining treatments, including cardiopulmonary resuscitation and artificial nutrition should you become incapacitated and unable to make your wishes known.

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November 29th, 2010

Why You Need a Last Will and Testament

(Estate Planners) - No one likes to think about dying, but the truth is that none of us will live forever. If you have been putting off making out a last will and testament, there is no time like now, when you’re young and healthy, to do just that. Wills are not just for the elderly or the super-rich. If you die before making a will, your assets will be distributed according to the law, not according to your wishes.

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