When an adult inherits money, there is often freedom in how they can use it, unless specified otherwise through a will or estate plan. However, when a minor inherits money, it must be managed through a trust account because they are deemed too young to manage it by themselves. While this is a common method of estate planning, it can also create complications for the person managing the trust. Take Caroline, for example. Her sister passed away and left $100,000 in a trust for her 12-year-old nephew, and sh ...

Although it’s a difficult topic, it’s important to know what happens to a mortgage loan when someone dies. If you’re the current homeowner, you should understand what to expect and even be proactive to help your loved ones seamlessly receive one of your most valuable assets: your home. If your loved one is passing or has passed away, knowing the next steps is crucial. Dig deeper: What are your financial rights following the death of a loved one? In this article: What happens to a mortgage when you die? ...

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. What is the benefit of having a trust versus a will? We own our home, have a rental property and we have no debt.  My husband and I are retired and both have IRAs, over $500,000 in the stock market and approximately $100,000 in CDs. We have three grown children – one is a stepchild. We currently have a will but are wondering if a trust is a better option. – Judith This is a good question that many people d ...

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