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July 25th, 2011

What is a Video Will?

(Estate Planners) - Customarily, when a person creates a last will and testament, or will, the will is drafted as a formal written document with specific language that is valid for the jurisdiction where the will is written. This will formally and legally dictates how the testator (the person making the will) wishes to dispose of and distribute their property and assets when they die.

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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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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 16th, 2011

What is a Resulting Trust?

(Estate Planners) - An arrangement where one individual holds property or assets for the benefit of another individual and that is implied by the courts in particular cases where an individual transfers property to another, giving the person legal title to it without the intention of the person having beneficial or equitable interest in the property is said to be a resulting trust.

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April 4th, 2011

What is a Spendthrift Trust?

(Estate Planners) - It is natural to worry about what will become of your children or other heirs when you pass away. After all, you’ve worked hard your entire life and built up your wealth. And now that it is time to consider how your estate will be passed on to your heirs, you may have concerns about its distribution. Hopefully, your heirs are well-grounded, successful and established people who are responsible.

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March 28th, 2011

What is a Special Needs Trust?

(Estate Planners) - The special needs trust, which is sometimes referred to by the term ‘supplement needs trust’ is a trust that is designed to benefit a disabled child after your death. This trust involves the appointment of a trustee who will hold property for the child’s benefit. The special needs trust can provide for the child’s needs without legally disqualifying the child from receiving the benefit of government programs like Social Security, Supplement Security Income, or Medicaid.

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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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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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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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October 25th, 2010

Asset Protection Trust: What is it? How Do You Set One Up?

(Estate Planners) - "Asset protection trust" is a rather broad term that covers a wide array of legal solutions. This kind of trust is generally put in place in order to ensure that financial assets and funds are to be held in a discretionary fashion. There can be a number of different reasons why these trusts are set up, such as to avoid excessive taxation, provide protection for certain assets in the case of a bankruptcy, or to mitigate

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