Have you ever taken the time to think about how you want your money and property divided in the event of your death? Regardless of your age it is something you need to give some serious thought. By taking the time to sit down with an attorney, you can create the plan that best suits your needs and the needs of your family. With the proper planning and by setting up trusts, your lawyer will show you how your family can get the most out of your estate. After all, you don’t want it to go to the court for them having to divide it for you do you?
Revocable or Irrevocable Trust
Two of the most popular kinds of trusts are the revocable trust and the irrevocable trust. So what are the differences?
• Sometimes called a family trust, the revocable trust can be effective in getting your estate to avoid probate and reducing the tax liability of your estate at your death. The revocable trust has more advantages than a traditional last will and testament as it allows you to manage your own assets while you are living and then its ensures distribution as you desire after you die. You can name yourself as trustee of your trust or you may name another individual or an agency as trustee. You can make changes at any time, providing you are not deemed incapacitated.
• If you feel comfortable putting authority in the hands of the person who will benefit from your estate when you die, an irrevocable trust may be the right solution. The beneficiary must approve of any changes to the trust because after you move assets into the trust, they have been transferred to the beneficiary and you have given up rights. This keeps the assets in the trust out of your taxable estate at your death.
There are other kinds of trusts as well, but these two are the most popular. To learn more about estate planning and to decide which trust is best for your needs, consult with an estate planning attorney. If you don’t properly plan, your loved ones may have to pay out more in taxes and the probate court may take a significant amount of your assets for settling the estate for you. It is much less time consuming and less expensive to handle the planning yourself. It also relieves your loved ones from much worry and stress. For other types of criminal cases make sure to find the best sexual assault attorney for your money.