Case Study: My Experience With Estates

January 14, 2019

Employment

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Prepare Yourself Where Trusts and Estate are Concern

Getting into order your trust and estate management documents is not an easy process but you have to get it done as it becomes an essential matter as you think about end of life decisions. In its legal definition, trust is when one party holds the property for the benefit of another person. To explain in layman’s terms, trust means that you have a 3rd party to hold all of your assets, and the person will carry out your wishes on what you want done with these assets after your death, thus debates when you are gone will not happen.

The properties you can put in a trust can be real, tangible and intangible. The trustee is what you call a person who manages the trust of another. Be informed that you will have to transfer the property you want in the trust out of your personal name, and put into the name of the trust that is managed by the trustee of your choosing. Note that a trustee can be anyone but often times it can be an officer of a bank or financial institution that will take charge with the holding of your property and in the distribution of it.

If you compare a trust and a will, there are some key benefits of having a trust, and the first benefit is that your trust and estate management plan is kept private. Be aware that trust documents do not have to be filed with the court in most cases unlike regular probate documents, thus no public records exist having your personal information and what each heir is getting and when in this case.

Planning for mental disability is another benefit in using a trust over a will in your trust and estate management plan. With this, you and your property will be kept out of a court supervised guardianship, if in the future you will become mentally incapacitated.

By using a trust over a will, your estate does not have to go through a probate process, and this is the biggest advantage of using a trust over a will.

You will likely save a significant amount for your estate money in using a trust over a will, and you do not have to go through a probate process too.

To find the best lawyer for your specific needs, you can use the internet in looking for sources, or go to a local bar association, or find lawyer referral services, or contact a legal professional association in your area.

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