Kinsey Law Group, P.C.

How Often Should You Review Your Estate Plan?

You paid good money for a comprehensive estate plan to protect your family and assets. So, when was the last time you reviewed it? An old, outdated estate plan is basically no good to you or your family, so take a little time to have your plan reviewed to make sure it will work the way … Read more

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by Nicole K. White

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The Basics of Estate Planning – Part III

by Nicole K. White

In Part II, we discussed Wills and the advantages and disadvantages of having a Will. This issue will focus on the second of four estate planning tools – a Trust, and the advantages and disadvantages of having a Trust as part of your estate plan.

What is a Trust?

A Trust, generally, is a legal entity that can hold title to property. There are three parties to a Trust agreement: the Trustmaker who creates the Trust, the Beneficiary who receives the benefit of the property held in the Trust, and the Trustee who manages the Trust. The property that is transferred to and held by the Trust becomes the Trust principal. If you create a Trust within your Will, it is called a Testamentary Trust. If you create a Trust while you are alive, it is called an inter vivos or Living Trust.

While you are alive, you usually will receive all the income of the Trust and as much of the principal as you request. Upon your death, the Trust assets are distributed to your Beneficiaries in accordance with your directions contained in the Trust agreement, or it can continue for specified purposes for a period of time.

The Advantages and Disadvantages of a Trust

The Basics of Estate Planning – Part II

by Nicole K. White

In Part I, we discussed estate planning and the importance of having an estate plan. This issue will focus on the first of four estate planning tools – a Will or Last Will and Testament, and the advantages and disadvantages of having a Will.

Don’t Hire an Attorney Based on Price Alone

by Nicole K. White

I was chatting with a friend the other day about estate planning and he told me something surprising. When I asked if he had an estate plan, he responded by telling me that he doesn’t have one yet because all the attorneys he met with quoted high fees.

Here are some things to consider if you shop around based on fees alone:

Have You Made This Estate Planning Mistake?

by Nicole K. White

Have you ever thought about writing your own will? Maybe you thought about using one of those fill-in-the-blank forms advertised on TV? Estate planning is too complicated a process to do it yourself or to use a fill-in-the-blank form. There are too many areas where things can go wrong:

The Basics of Estate Planning – Part I

by Nicole K. White

Did you know that approximately 60% of American adults do not have a written estate plan? Estate planning is extremely important, but most adults do not fully understand what estate planning is and how it works. Adults also do not fully understand that without an estate plan, a judge, who does not know you, your family, or your wishes, will determine who gets your assets and who will care for your minor children.

Why Every Adult Needs an Estate Plan

by Nicole K. White

An estate plan allows you to get your affairs in order in the event you become incapacitated or die. A Will, which is the most basic estate planning tool, contains a written set of instructions to your loved ones as to how you want your estate to be distributed after your death. So, what happens … Read more

Are Your Last Wishes Known?

by Nicole K. White

Every adult should have a last will and testament regardless of your age. During your lifetime, you most likely will accumulate more than you ever expected, and that is why a will is essential so that you can direct the disposal of your assets according to your wishes. When it comes to your last wishes, … Read more