Planning for the Inevitable: Having a Will, a Durable Power of Attorney, and an Advanced Health Care Directive
By Robert Chang, Esq Freelance Writer For many people, planning for death is a scary prospect. Unlike divorce or loss of a job, it is inevitable. Still, there are those who are superstitious about estate planning and put off planning for what Benjamin Franklin sees...HEGGSTAD PETITION
By Robert Chang, Attorney at law. A living trust must be properly “funded” in order to work properly. Upon the death of the person who created the trust, only that property which is titled in the trust’s name will avoid the probate process. So what...What Is a Testamentary Trust?
A testamentary trust, unlike other trusts, is not legally binding until the person has died. As such, a person must include the trust in their will so that it is created upon death.
When you draft a will, it is a good idea to include the creation of a testamentary trust. Probate will still take place. This is to make sure the assets are being managed appropriately.
It is easier to include the testamentary trust clause that creates the trust when you are creating a will – however, if you already have a will, you can always amend the will to include the testamentary trust clause.