The Importance Of Having A Living Trust
If you, like most citizens, can’t stand the idea of having to go through probate, then a living trust takes on a much greater level of importance. While avoiding probate is one of the leading benefits to having a living trust, there are many more factors at work. There are a variety of great reasons to have a living trust.
First and foremost, a living trust allows you to protect your loved ones’ potential inheritance. Instead of simply handing your son, daughter, niece or nephew a large sum of money before they are old enough to handle it properly, you’re able to establish a trustee to watch over the money until they are mature to be trusted. This essentially guarantees they won’t be able to squander it.
Creating a living trust also allows families or individuals to avoid the issues that arise when a loved one becomes incapacitated. By outlining your desires ahead of time, this keeps family tensions at bay. You’re able to properly designate the people you wish to have in charge of all your financially related affairs.
A living trust allows your property and finances to be controlled more easily, and without the supervision of a court. A living trust ensures that your possessions can be transferred to your chosen parties even if you are unable to do so on your own.
Wills are often contested, especially in cases where they are not specific. Since a will does not go into effect until a person dies, whereas a living trust goes into effect as soon as it is signed, this leaves less room for argument. Because it is completely free for a family member to contest a will, this often greases the skids for a long, drawn out battle.
The family member who is contesting is able to obtain a lawyer under an contingency fee agreement and patiently await the outcome. With no money of their own on the line, it’s easy why so many disgruntled family members choose this option. Any contesting of the will also bring any estate settling to an immediate halt.
One of the most vital benefits to having a living trust and avoiding probate is being able to keep your affairs private. Since probate is a public procedure, any citizen is able to enter a probate court and look up your files. This can cause a variety of issues. Salesmen can find your information and attempt to prey on your loved ones’ grief. Family members who are not satisfied with their inheritance, even those you considered friends, may all feel compelled to take a look.
A living trust stops these problems before they can start by keeping all of your information private. Privacy is of the utmost concern at a time like this, and defending it is as easy as having a living trust.
Having a living trust is of great importance. A living trust gives you the chance to prepare for hard times ahead and makes life easier for your loved ones. For these reasons and many more, you should consult with a professional and see if a living trust is the right choice for you. For more information please visit http://www.docprep4u.com or my website at http://www.PaulDiaz.com
When it comes to make the decisions that will affect the end of your life and beyond, it can become an exceedingly difficult task. Obviously, no one enjoys the process of sitting down and thinking about scenarios that end with their death or becoming terminally ill. Avoiding these sorts of unpleasant thoughts is the main reason why people do not draft a living will when they are supposed to.
But, without a living will, an attorney has no way of carrying out whatever wishes you may have when it comes to your health care once you’re unable to make these decisions for yourself.
Coming to a decision about how your health care will be handled in a situation where you cannot make the decision for yourself is hugely important. Considering that the decision of how much medical treatment you would like to receive in a life or death scenario invokes many different personal feelings, especially those of a spiritual or religious nature, it is crucial for you to have a living will that reflects your beliefs.
You will want to choose someone you can trust to carry out your final wishes. Without a living will, no one in your life will have the authorization necessary to speak with a physician and let them know your preference. Some may worry that they will be terminated before they are ready to die, but be forewarned: a physician will not discuss your last wishes with your appointed agent until all avenues to keep you alive have been exhausted and it is determined there is no more they can do.
Your living will gives you the ability to choose a trusted person in your life, someone who will not let their personal feelings interfere with your wishes. Without one, there is no one who can carry them out for you. It is best to choose a family member, although this can be problematic as it is difficult for a family member to terminate life support.
Choosing a close friend is also a viable option, but it is crucial to consider location when choosing your proxy. Someone who lives very far away may not have the ability to come to your bedside, so be sure to select someone who lives close by.
Any and all of the important decisions having to do with your personal health care plan for later in life should be made by you and no one else. By drafting a living will, you ensure that these decisions can be made by you well in advance. Your family and close friends will have no doubt as to what your last wishes are, because you’ve clearly outlined them.
Don’t leave such emotional decisions up to your loved ones. The burden of having to decide what you would have wanted should not be left up to them. By obtaining a living will, you ensure that these decisions will be made by you and that your loved ones can rest easy knowing they’ve carried out your wishes.
Get a Living Will and other important documents at http://www.DocPrep4U.com — an online, yet personal service that includes Wills, Trusts, Corporations, and Real Estate.
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One thing that a lot of people tend to put off doing is having a valid last will and testament drawn up. Some people don’t want to be reminded of their own mortality. Others don’t like paperwork. And still others are not really thinking of their last will and testament because they are convinced they won’t need one for a very long time. All of these viewpoints have one thing in common. They are ignoring one simple fact.
Having a valid last will and testament drawn up is one of the most important things you will ever do. With a valid will you will have a say in how your possessions and assets are distributed once you are gone. You will be able to provide for any and all family members in a valid will, and you can also make arrangements to close out your affairs in this lifetime.
One thing a lot of people say is, “Why do I need a will or last testament? My family can do whatever they want with my things after I die.” While this is an understandable sentiment, it is not true. When you die all of your property and assets are combined into what is called your estate. Your estate is legally required to take care of any unpaid bills, and also usually covers final expenses.
It is important to have a valid last will and testament at this time because once the estate has been inventoried; it goes into what is called “probate,” or “probate court.” This court decides how your assets will be distributed. If there is a valid last will and testament available, the probate court is legally obligated to carry out your final wishes. If there is not a valid will present, then the probate courts decides who gets what out of your assets and earnings.
Contrary to popular opinion, you cannot just scribble out your final wishes on a piece of paper and have that be your legal last will and testament. There are procedures to be followed when it comes to drawing up the actual will and dividing up estate assets. Witnesses are also required to make a last will and testament legally binding.
The legal requirements for creating a valid last will and testament vary from state to state. If you don’t know what is required in your state, there are several places you can go for help. You could consult with a probate lawyer, or you could choose to visit the law library that is closest to you. You could also look up what you want to know on the Internet, but when it comes to the actual paperwork, it is usually best to deal with in person.
To sum it all up, if you don’t have a legally binding will and last testament when you pass on, your assets and earnings will be distributed by a probate court. This means your things may not go to your children. A valid last will and testament leaves no doubt about what is going to happen after you pass on. Don’t delay, draw one up today.