Tag Archives: living trust

The Difference Between Will-Based and Trust-Based Estate Plans

Chances are that your estate plan is going to involve a variety of different documents, but generally speaking, estate plans are centered around one of two different documents: a Will or a Revocable Living Trust. These documents, while similar, can have vastly different uses. Will-based estate plans use the Will as the primary set of instructions that your chosen representative (or executor) must follow to distribute your assets after death. However, because Wills only take effect after a person’s death, they do not allow for any disability planning while the subject is still alive. This means that, if you utilize…

Estate Planning and Retirement Considerations for Late-in-Life Parents

Older parents are becoming more common, driven in part by changing cultural mores and surrogate motherhood. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. But later-in-life parents have some special estate planning and retirement considerations. The first consideration is to make sure you have an estate plan and that the estate plan is up to date. One of the most important functions of an estate plan is to name a guardian for your children in your will, and this goes…