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Introduction: For parents navigating the complex landscape of split custody, every decision takes on added significance. Beyond the day-to-day challenges, it’s essential to consider the long-term welfare of your children. One often overlooked aspect of this planning is the role of wills and trusts. In the realm of co-parenting, these legal tools can provide stability, clarity, and peace of mind for both you and your children. Addressing Unique Challenges: 1. Guardianship and Custody: In situations of split custody, defining guardianship in the event of a parent’s passing is crucial. A will allows you to explicitly name the individual you trust to care for your childrenRead More →

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Introduction: In the complex tapestry of life, we often find ourselves contemplating the future. One crucial aspect that often gets overlooked is the importance of having a solid financial and legal plan in place. Whether you’re building your wealth or simply want to ensure your loved ones are taken care of, the decisions you make today can profoundly impact the future. Enter the realms of “Trust or Will” – powerful tools that can safeguard your legacy and bring peace of mind to you and your family. The Foundation: Understanding Trusts and Wills Trusts: A trust is more than a legal arrangement; it’s a testament toRead More →

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What is a Trust? In short, a trust is a contract that governs how assets are to be managed and when cash or assets may be distributed. A trust must contain 3 main elements: 1) a grantor (or trustator) the person(s) or entity that puts assets into the trust, 2)a trustee – the person or entity that makes sure trust assets are managed in accordance with the grantor’s wishes, 3) beneficiaries – the people or entities that receive benefit from the assets of the trust after it has been formed. The trust is the arrangement through which the grantor creates a trust, to be managedRead More →

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What is a will? In short, a will is an estate planning tool that let’s the court know how you want your assets distributed after your death. Since one is no longer living to direct his or her assets, a properly executed will becomes a very valuable resource to indicate the deceased person’s wishes. Wills also setup a person or multiple people who will be responsible for administering the estate and directing the distribution of the assets thereof. This person is generally called an executor of the estate, or a personal representative. While there are a few exceptions, in most jurisdictions, a will needs toRead More →

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Do I Need a Trust or a Will? So you wonder which estate planning tool is better for them – a trust or will? Are you concerned that getting a proper estate planning attorney to write a trust or will may be extremely expensive? Further, when thinking about your own death, considering trusts and wills may be very intimidating. Well, here is a secret – trusts and wills are not exclusive – you can have both a trust and a will. While they are both estate planning documents, trusts and wills serve different purposes. So here is the basic answer: all estate plans should containRead More →