Estate - To Trust Or Not To Trust That Is The Question!
Living Trusts have become very popular and are being heavily promoted to seniors. Should you Trust or not Trust? That is the question. Read on to learn some simple guidelines that will help you know whether a Living Trust may be right for you and how to go about getting one if needed.
A Living Trust is considered a separate legal entity much like a corporation. As a result, any assets ‘owned’ by the Trust at your death avoid Probate and can pass to your heirs simply and easily. It also provides for the management of your assets if you become incapacitated.
Reading A Last Will And Testament
The simplest way to see that your wealth and personal belongings are distributed according to your wishes is to prepare a will. A will is an important document and the law is strict about all its details. This is because the Testator is no longer alive to declare his wishes while implementing a will.
Usually wills can be prepared by individuals over the age of 18 who are of sound mind and judgment. The will must name an executor, or else the state will appoint someone else as the probate proceedings start. A parent must name a guardian for minor children to avoid state intervention. The testator must also carefully choose his beneficiaries, clearly indicating their names in the will.
