Many people do not bother to develop an estate plan, often quipping that there is no estate to plan anyway. Many of them do not bother with wills either, thinking that it?s pretty obvious who their heirs are. If they only knew how common disputes are, they?d be more inclined toward being prepared. After all, when they?re dead, they really can?t do much except for the proverbial roll over in their graves if they don?t like the way their assets are being apportioned.
For those of you who do opt to develop an estate plan, it?s really a display of foresight to include living wills and trusts. After all, some of the fruits of those years of toiling should go toward your care when you reach your twilight years or if you should ever be debilitated in anyway. If you are of the conviction that tomorrow should worry about itself, that?s well and good, but the time for regret always occurs after when your chance to prepare is already lost. It?s true that it?s best to live for today, carpe diem and all that, but it doesn?t take too much out of all the living you?re doing to pause and draft a plan. People who feel lost about the process can rest assured that their estate planning lawyers can guide them accordingly.
When it comes to trusts, you?ll have to understand that there are various kinds and they have their respective benefits. A trust generally is a document that assigns an entity to receive and administer property following certain terms. While it mostly functions as financial protection for somebody, it can also be used to protect the assets themselves. There are many possible people who could prove to be interested in your assets; anybody from creditors to ex-spouses can lay a claim on something that you do not mean for them to have. A trust also works best for minors or irresponsible beneficiaries who could blow all that money before anybody could say ?probate?.
The different types of trusts include revocable and irrevocable for the living trusts and testamentary, which is indicated in a will. A revocable trust can be modified while the creator is still alive. Once he or she dies, the trust becomes irrevocable. Of course, a living trust can start out irrevocable right away. This is usually done to be eligible for government benefits. A testamentary trust is provided in a person?s will.
Trusts can be complicated affairs. They are not for everybody and they do involve costs and tax modifications, so it?s best to discuss everything with a lawyer first. Make sure that you consult somebody who is clearly qualified to advise you. If you?re in the Danville area in California, a good firm to go to is Walnut Creek Estate Planning. They specialize in this matter, so you?ll get nothing short of expert advice.
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Source: http://www.mediators.org/living-will/some-guidance-on-living-wills-and-trusts-and-family-law/
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