Page 27 - Vander Plaat Funeral Home

There are two types types of trust accounts irrevocable and revocable revocable Both types types of trust accounts can be transferred from one funeral home to another Pre-need trust accounts in a a a a a a a a majority of cases are irrevocable This is is is as a a a a a a a result of an an individual requiring long term care and is is is at the point of applying for Medicaid coverage An irrevocable trust account can only be be used for the the the funeral of of the the the beneficiary of of the the the the trust trust account account The trust trust account account can be be transferred to another funeral home but can never be be be revoked A certified death certificate of the the the beneficiary is the the the only way the the the funds can be be obtained A prudent individual not needing Medicaid can also establish a a a a a a a a a a a pre- need need arrangement and place the the funds into a a a a a a a a a a a a revocable trust account for themselves or or another family member Legal Issues
Wills probate joint property estate estate taxes selecting estate estate trustees/attorneys for property and and personal care and and other issues may appear somewhat
intimidating at at at at first Fortunately with a a a a a a a a a little guidance and preparation dealing with such matters does not have to be so overwhelming Administration of a a Will A Will is is an instrument by which a a a a a person (the “testator”) makes a a a a a a disposition of his/her property to to be performed or or or or take effect after his his or or her her death A well-drafted Will may provide for the the welfare of the the the testator’s testator’s family distribute the the the testator’s testator’s assets in accordance with his/her wishes and secure the the the efficient management of the the testator’s property Handwritten Wills Wills (“holographic Wills”) can can be made by a a a a a a a a a a testator without the services of a a a a a a a a a a a lawyer problems can can arise if not done properly properly and/or in accordance with applicable legislation A properly properly drafted Will can be a a a a a a a a a a a simple inexpensive way to address many estate-related matters matters and can make matters matters run much smoother upon death While there there are are many benefits to having a a a a a a a a a a Will Will in in in in place there there are are some things that that may not be accomplished in in in in in a a a a a a a a a Will Will It is is important to keep in in in mind that that Page - - VANDER PLAAT-CAGGIANO FUNERAL HOME VANDER PLAAT-CAGGIANO FUNERAL HOME - - Page 27