Money Management Skills

76

Lecture 11: Fundamentals of Estate Planning

% Many have criticized the use of living trusts because they can

be costly to create and, in some cases, are more expensive than

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however, is simplicity and the use of a trustee who can immediately

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carefully listed out everything on a will, it may accomplish the

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% Wealthy individuals will often have a corporate trustee who charges

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the surviving spouse or heirs have extensive investment experience,

it may be wise to place assets in the hands of a trustee who manages

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% Trusts can be used to make sure that money passes from the estate

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trust provides an income stream for your surviving spouse during

his or her lifetime while allowing you to decide in advance who

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% Trusts that go into effect after death, also known as testamentary

trusts, can also be used to help take care of those who otherwise

might not be able to take care of themselves—and that includes

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state has a form that lets you transfer responsibility for your care to

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% Obtaining guardianship of minors or disabled adults is an expensive

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