Are you ready to come up with a proper plan for your estate? It will help to know the following 3 things so that you can make a more informed decision about what you do.
Why Is A Will Not A Good Idea?
One of the biggest problems with creating a will is that your wishes will only happen once you pass away. This can create some huge problems with dealing with your assets near the end of your life, where heirs need to wait in order to take action with your estate.
Wills may also seem like they are the most affordable option to handle estate planning, but many people do not realize that they cost more money later on. The cost involved to create a will is the smallest part since a will must then go through probate to verify the will and go through the process of splitting up assets. Wills also become public record, so anybody is able to see what kind of assets you have.
Why Is A Living Trust The Way To Go?
A living trust allows for your assets to be passed on to your heirs and will completely bypass the probate process. There is a larger cost involved with setting up a trust, but it will end up costing less money over time. That is because all assets are passed on to the survivors and beneficiaries automatically without having to go through a legal process.
This is thanks to how a trust has a trustee that carries out your wishes after you pass away, so you don't need a lawyer to do it for you in probate. For example, you can decide that you want money to go to a grandchild for the purposes of paying for their college education. Rather than using a will to pass on the money that can be used however they want, a trust can dictate that the money is specifically used for education.
Can A Living Trust Be Changed?
The living trust can be altered while you are still alive and things change. This allows you to change who the trustee is, or even make new decisions based on assets you acquired after you set up the living trust. You can essentially fund the trust at any time with additional assets, and create new terms and conditions for how those assets will eventually be distributed. Contact an estates and trusts attorney for more.Share
24 June 2020
My son and a group of his friends got in some trouble for trespassing and were arrested. Every one of the boys that were there were charged with trespassing, criminal mischief and vandalism. I contacted all of the other boys' parents and we got together to discuss the situation. After hearing the boys' stories about what happened that day, we knew that we had to hire an attorney to get the boys out of some of the trouble they were in. I have been working on my blog to help other parents that are struggling with the legal system prosecuting their kids for things that they may not have done.