Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.
It's not just a matter of navigating day by day: Parents need the foresight to plan for their child's future—especially for when they will no longer be around.
Dealing with the death of a parent is challenging but selling their home can be fraught with land mines, particularly if they die without a will.
Although we all like to make our own decisions, there may come a time when we no longer have that luxury.
Unfortunately, in too many cases, families treat money and the issues surrounding wealth as taboo subjects. This may be the case even more so, when it involves the (inevitable!) prospect of death.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
