OVERALL CLIENT SATISFACTION
“Why The Court Systems Want To Keep This A Secret”…..
WHY A LIVING TRUST IS A MUST IF YOU OWN ASSETS
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Avoid Probate
A Living Trust allows loved ones to avoid probate after your death. Depending upon the size of your estate, probate can be very time-consuming and expensive. Transferring assets to your beneficiaries via a living trust exempts them from probate, thereby saving your beneficiaries from having to undergo the hassle, confusion, and time involved in the process. And, if your estate is subject to federal taxes, proper advanced planning may provide you with tax benefits.
Power of Attorney
Having a Power of Attorney is vital to appoint someone you trust to manage your financial and legal affairs if you become incapacitated. It ensures your wishes are honored and prevents potential disputes among family members. Establishing this while you're healthy allows you to maintain control over your decisions; waiting too long could leave you vulnerable, forcing others to make choices you may not agree with.
Healthcare Directive
A Healthcare Directive is essential for communicating your medical preferences when you can't advocate for yourself. This document guides healthcare providers and loved ones in making decisions aligned with your values, ensuring your wishes are respected. Establishing it while healthy empowers you to dictate your care; delaying may result in others making choices on your behalf, potentially compromising your desires.
Frequently Asked Questions
FAQ #1
I Have a Will. Do I Need a Living Trust?
A will does not avoid probate when you die. To the contrary, a will guarantees to subject your family to the cost, fees, and delays associated with probate. The court must validate a will in probate court before it can be enforced. A revocable living trust avoids probate. It lets you keep control of your assets while you are living, even if you become incapacitated, and after you die.
FAQ #2
Is a Living Trust Expensive?
Not when compared to the alternatives of probate and guardianship. How much you will pay depends primarily on your goals. It takes a little time to set up, but not a lot. Remember, it will always cost more money and a lot more time without a Living Trust established, so if you are debating on whether to get it done, make sure to reach out to us sooner rather than later.
FAQ #3
What Is Probate?
Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your will. If you don’t have a valid will, called intestate succession, the court distributes your assets according to state law. Intestate succession is usually more expensive than probate with a will.
FAQ #4
Absolutely not. You keep full control. As trustee of your trust, you can do anything you could do before: buy and sell assets, change or even cancel your trust. That’s why it’s called a revocable living trust. You even file the same tax returns. Nothing changes but the names on the titles.
Do I Lose Control of The Assets in My Trust?
***For Any And All Legal Estate Planning Advice Always Seek The Guidance Of A Licensed Estate Planning Attorney***
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