The SafeEstates Blog

February 1, 2019

Substantive Tip – Specific Bequests

When clients tell us how they want their assets distributed, they are clear about who they want to receive most of their wealth. They often want to leave smaller amounts to one or more individuals and charities. For example, a client may want most of their wealth to pass to their spouse and children (residuary bequest), but also may want to make smaller gifts to other family members, friends, their church, their alma mater or one or more other charitable organizations (specific bequests or general bequests). A specific bequest may involve a specific asset (for example, a lake house or business interest) but...

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April 22, 2014

Revocable Living Trust – Why Am I In Probate Court?

The revocable living trust (“living trust” for short) has numerous advantages.  In general, a living trust is a trust that goes into effect while its creator (known as the “grantor” or “settlor”) is living in which the creator retains the right to amend or revoke.  The settlor “funds” the living trust by transferring assets to the trust while the settlor is living or by naming the trust as beneficiary of specific assets (typically bank or investment accounts) at death.  One advantage of the living trust is that by transferring assets to the living trust, the trust assets will pass to...

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