You don’t necessarily create a trust and just forget about it. You may revise a revocable trust whenever your circumstances change. Perhaps you want to add a beneficiary. A trust can be revoked or amended at any time as long as you, its creator, are mentally competent. Having an updated trust will reduce the chances that your property will pass through probate.
Many people assume financial plans made today for tomorrow are good forever, but that can amount to a costly mistake. Here’s a quick list of what needs an annual tuneup:
There are myths and misconceptions about estate planning. Here are the top common mistakes to avoid and help your family save thousands of dollars in unnecessary taxes and probate fees:
Twelve years ago, the “Purple Rain” star, Prince, graced the field at Dolphin Stadium for the Super Bowl XLI halftime performance. Nine years later, he would unexpectedly pass away, leaving behind a legacy of musical genius but also one of financial and legal chaos. What was the issue? Prince neglected to put in place a basic estate plan, leaving potential heirs quarreling over his fortune.
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