There are several estate document that can be used to propagate and implement your desires over your estate. Alike, these documents could be used to savage situation where you become incapacitated and unable to make certain medical and financial decision for yourself. Thus, it is important to know and understand the reasons to choose a particular estate plan document over another. While there are many estate document that can be used to propagate your desires, an estate lawyer through working experience would help you craft out the most appropriate and efficient estate plan for you and your loved ones. Estate plan could be short, mid or long term, however, in most cases, you need the continuous services and guide of an estate planning lawyer. With an excellent estate lawyer just a call away, you can build the right relationship, schedule meeting time and create your desired estate plan.
The living trust and Will
Living trust and a last will are two particular estate document that be used to establish your estate wishes. Both document cater for what happens while you may be unavailable to have a say over your estate, however, the living trust does more than that. Living trust can covers three phases of one’s life: when you are alive and well, when you become mentally incapacitated and lastly after you die. Through a documented living trust, you can decide who handle you medical and financial decisions. You can also transfer your assets to a living trust. Living trust basically ease the process of transferring estate and choosing which trustee handles your financial and medical wishes. It is however worthy of note that there are revocable and irrevocable living trust. Both perform the same function, although, while the revocable trust permit changes in the term of the trust, assets placed in the irrevocable trust cannot be undone.
However, most people ask estate lawyers, how do I know whether I need a revocable living trust or just a will? This question sometimes asked from the estate myths that the living trust is only for certain class of wealthy individuals. Well, here are some factors that would make you consider a living trust instead of just a last will.
Planning for disability
The living trust cater for periods in which you might be unable to handle your finances and health. When well documented, a living trust contain how you plan to take care of yourself and assets when you become mentally or physically disabled. This provision would ensure an out of the court settlement for how your assets and health should be handled while also saving you money incurred from a court supervised guardianship.
Living trust for beneficiaries that are minors
For parent with minor kids, setting up a trust to hold assets and funds you would like to pass to your children is vital. It sometimes become problem when both parent of a child dies without provision for how their retirement account or life insurance should be treated. This means they didn’t name their children as the primary beneficiary of the accounts. To avoid court supervised guardianship, you should consider setting up a revocable living trust with the child named as the primary beneficiary of the retirement account.
Other reasons to consider a revocable living trust are; it reduces taxes that may be incurred on estate, it cut off the log probate process involved in transferring assets while also keeping your estate plan private.
Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate planning lawyer to know suitable documents that would reflect these plans.
Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desired and plans are duly implemented.
The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Do you stay around Miami 33139? Contact our closest attorney right away
Estate plans are vital to protect your assets and loved ones. There is no better time than now to make these plans. The step is taken once you contact an estate lawyer to discuss suitable plans for your estate. With the right foundation of a trust between you our estate lawyer near you in Miami, you can be sure that your estate plans is possible.
Contact our estate planning lawyers today.