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July 18th, 2011

What is a Testamentary Trust Will?

(Estate Planners) - A common estate planning tool is the testamentary trust will. This type of will is used to set up a trust or trusts that part of or all of your estate will be transferred into when you die. The testamentary trust will is sometimes just referred to as a ‘testamentary trust’ and is similar in structure to the family trust, but with some distinct differences that can be very advantageous over other types of trusts, particularly if you are planning on leaving your estate to minor heirs, young adults, or children with disabilities.

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May 30th, 2011

What is a Holographic or Handwritten Will?

(Estate Planners) - The holographic or handwritten will is a “step above” having no will at all. This type of will is considered valid in many states; in fact, in almost thirty states, even a holographic or handwritten will that has not been witnessed is valid. The holographic will must be prepared in the handwriting of the testator. Even in states that recognize the validity of a handwritten will, the laws are very strict and particular.

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April 11th, 2011

What is a Testamentary Trust?

(Estate Planners) - The testamentary trust is a trust that is often created when a parent’s potential death might trigger the distributions of large sums of money, like life insurance policy proceeds, to minor children or young adult children. This type of trust often allows for a child to become more mature before being tasked with the responsibility of handling a lot of money.

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January 17th, 2011

What is a Constructive Trust?

(Estate Planners) - One type of trust that no one wants to be involved in is the constructive trust. The constructive trust is basically a legal concept that has been created by the courts against someone who – through wrongdoing, fraud, or other unconscionable act, obtains or holds legal rights to property that he or she is not entitled to keep or enjoy.

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November 22nd, 2010

Taking Inventory of Your Assets

(Estate Planners) - When making out a last will and testament, inventorying your assets is unavoidable. Using a form to account for what you have is certainly the easiest approach, but including all of your assets in your will is necessary to make sure that everything that you own is accounted for and distributed according to your wishes.

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September 21st, 2010

Estate Planning Attorneys

(Estate Planners) - Estate planning attorneys specialize in areas of the law that affect the property that a person leaves when he dies. Estate planning attorneys assist their clients in making decisions about how their estate should be handled while they are living in order to plan for their eventual death. One of the main areas estate planning attorneys will focus on is the tax consequences of different courses of action. Naturally, the main goal will be to minimize the amount of taxes

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September 21st, 2010

Estate Probate Law

(Estate Planners) - Estate probate law deals with the property that a person has accumulated at the time of his or her death. The estate is the net worth of a person when he or she dies. If a person has more assets than liabilities, he has an estate. If he has more liabilities than assets, he does not have any estate because his creditors are entitled to his property to pay the debts that he owes. For example, if James has a house worth $100,000 but still owes $30,000 on his mortgage, then his net worth is $70,000. However, if he has a checking account

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