Contractual properties are the type of property one buys but doesn’t fully own, as they make the payments in instalments. This can be due to different reasons, one being they do not qualify for funding by a financial institution, or mortgage. Some might not have a good credit standing, hence cannot get a loan to…
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Probate is the process of analyzing and managing transfer of assets that were titled in the decedent’s name. Everything that the deceased owned falls into estate property immediately after owner’s death. A probate executor that specializes in business assets is hired to determine business resource value. Factors To Consider During The Probate Of Business Assets…
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The first part of the series has looked at a few ways to add assets to a RLT to make it valid and operational. This part picks up from where we left off and explains other ways to fund your trust. As stated earlier, you need to fund your RLT to make it valid and…
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One of the best ways to avoid probate is to use a living trust. Coming up with a living trust isn’t the end of estate planning, though – you also need to fund the trust for it to be operational. A living trust without any funds is of no worth to you, and it might…
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Many people don’t know when they die, but a few are lucky enough to know that their condition is terminal and they won’t make it past a certain date. While planning for your death is a taboo for many people, it comes with an advantage – you get a chance to account for your properties…
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As the world changes, technology stands firm. Every aspect of the lives we lead is now controlled by technology. However, estate planning is taking longer to adapt to these changes. The will has been around since time immemorial. Property is passed from one generation to another through a will, but sadly, the world is still…
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Most people see their business either as the only or the most valuable asset. Not only is the business a source of livelihood, but it also acts as the culmination of one’s dream. Like any other asset, every person needs to develop a sound plan that covers the business in the event of death. Business…
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Very few estate planners provide estate planning for digital assets for their clients. With time, digital assets have come of age, and they need to be protected. Failure to do this means that the assets’ beneficiaries find it hard to handle the assets, especially without any planning involved. Bitcoins valued in millions of dollars have…
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Depending on your own and the family relations, the naming of beneficiaries – the people you choose to inherit the assets, can be one of the challenging aspects of coming up with a comprehensive plan. The more beneficiaries you have, the harder it is to pass on your estate. When you don’t have any family…
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The coronavirus outbreak hasn’t been easy for everyone. While you have had an estate plan in place, the pandemic changes the way you plan and your inheritance structure. With the pandemic, anything is possible; you don’t know whether you will still be around next week or be incapacitated. This is why you need to have…
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