An educational trust is a way to leave money to a beneficiary so that they can pay for college. Often, the person who sets up the trust specifies that the only way the money can be used, at least until the student graduates, is to pay for their education.
Making a valuation on a piece of land or on any asset can be a very subjective process. The value of an asset at a particular point in time depends largely on the market forces and how the asset compares to recently sold assets on the market. As the owner of land, you may find that you receive differing valuations when you ask several parties.
If you are starting to plan your estate, you will probably think about making a will first. Wills are a great way to put your final wishes in writing and to make them legally enforceable; however, there are certain elements that need to be present in order for a will to be valid.
Surprising new research shows that unequal bequests are growing more and more common with the decades. Now, it looks like about 33 percent of parents -- one out of every three -- do not use equal distribution when leaving money and assets to their heirs.
No one wants their heirs to go through the probate process. This is because it is lengthy and because a lot of the money to be inherited needs to fund the expensive probate process. Therefore, many people in their lifetime decide to do what they can to ensure that as many of their assets as possible can avoid going through the probate process.
Those with a high assets may have more power to invest and build businesses that can propel their wealth even further, but as a high-asset individual, they also have more to lose. Therefore, it's even more important that they protect their wealth and their portfolio of assets both from the economic climate and from those who may want a piece of it. The following are some tips on how you can strategically protect your wealth.
Those who sit down and draft wills often do so because they want to dictate what happens with their assets once they pass on instead of letting Arizona's intestate succession laws do that for them. Wills, however, are not always as airtight as they may seem. Certain circumstances must be met for a will to be considered valid.
It is unlawful for a person to enter a private property without explicit or implicit permission from the land or property owner. However, there are some rules that mean if a person commits the act of trespassing many times, or stays at a property or on a piece of land that they are trespassing on for an extended period of time, they have some rights to do so. This is known colloquially as "squatters' rights."
The death of a family member or close friend is always a difficult thing to come to terms with. The emotional aspect alone is something that many suffer with, however on top of this emotional burden is also the practical matters associated with such an event. If the deceased loved one has debts that need to be settled, you may be confused as to how you should deal with this.
When planning your estate, of course it is important to consider strategies and techniques to both preserve wealth and cut unnecessary administration costs. Taking full utilization of strategies and techniques can help preserve a vast amount of money further down the line.