When you're putting your estate plan together, you'll need to understand the difference between Testamentary Trusts and Living Trusts.
Copyright By Kevin M. Mahan, Attorney at Law
WILLS & TRUSTS
To think too long about doing a thing often becomes it's undoing !
A Testamentary Trust is a type of trust that is put into effect when the testator dies. This type of trust is often created for children who are minors or young adults so that money, such as life insurance funds, will be distributed to them when a parent dies. It typically is part of the testator's will. A testamentary trust involves appointing a trustee to look after the funds in the trust until a given point when the trust expires, such as when the child finishes college or turns 25 years old.
Mahan & Mahan, Attorneys at Law represents attorneys and others in estate planning and probate administration matters.
Estate planning is an important step for everyone, regardless of age or financial circumstances. In order to have an effective estate plan, we encourage our clients to review their plan regularly and make updates whenever a significant change occurs. Changes that may affect an estate plan include marriage, birth or adoption of children, purchase or sale of a home, receipt of inheritance, or other acquisition or loss of assets.
Seek Advice from Experienced Legal Counsel
Before you make any decisions about your estate planning, discuss the advantages and disadvantages of each option with an experienced estate planning attorney. At Mahan & Mahan, Attorneys at Law, our counselors have significant expertise in estate planning and probate.
To learn more about our services, contact our office today.
