Silver Lake Editors
1 A great resource for understanding differences in trusts
This is one of the best books I have found on the subject of trusts. Most books on Wills only talk about Living Trusts, but this book outlines how some of the richest (and not so rich) families use Trusts to protect family money. It also discusses the downfalls of this practice, including causing legal battles for your next of kin. This guide not only explains trusts and living trusts, but also goes into details on being an executor, going through probate, handling executor fees and it discusses common problems within wills and trusts. There are many examples of legal cases throughout the book that illustrate issues and how they have been resolved by courts. It's definately worth reading if you're trying to get a grasp on the subject.
2 Why probate is inimical to family wealth and how to avoid it
Family Money is an excellent and "user friendly" introduction for the non-specialist general reader into the intricacies of preparing and utilizing wills, trusts, life insurance, and other financial instruments for the purpose of endowing the people you love with the funds, properties, and possessions you wish to leave them as your legacy. Family Money covers the building and keeping of family money as a deliberate act while avoiding the hazards and uncertainties of contestable bequests. The reader will learn how to keep a will simple enough to do what is wanted, but detailed enough to satisfy a probate court; why probate is inimical to family wealth and how to avoid it; how to use living trusts to move as much as you can to family members; and when charitable trusts, special needs trusts, and other trusts can work in favor of your family. Of special value is the information on what to do if you find yourself named executor or trustee and how to instill notions of duty and humility in your heirs. If you want to pass on your wealth and possessions to those of your own choosing, then begin the process by carefully reading Family Money!
