Develop an Estate Plan by Creating a Trust by Dean Betts
According to Dean Betts Jr.,ralph lauren pas cher, Esquire, a Georgetown, DE lawyer at The Betts Law Firm, P. A., estate planning is vital in case you are incapacitated or pass on suddenly,Bad Credit Loans Secure Your Credit To A Good Art, and oftentimes a trust can be a part of that. Here, Betts talks about what a trust can do for you, although he cautions that it is not for everyone?
Dean Betts is a writer for Yodle Law Marketing, a business directory and online advertising company. Find alawyer or more lawyers articles at Yodle Consumer Guide.
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Author: Dean Betts Article Tools: It is important to develop an estate plan. Most people understand that having a will is vital to ensure that their assets are passed on to their intended heirs. They do not always realize, however, that a comprehensive estate plan should also include an Advanced Health Care Directive, also called a living will, and a General Durable Power of Attorney. In addition, Revocable Living Trusts and Testamentary Trusts are also useful tools when it comes to estate planning.
Benefits of Creating a Trust
A trust is a legal document that creates an entity that can receive property and administer that property in accordance with its terms. For example, if you are leaving money to a minor, you can put it into a trust for when that person reaches a legal age and has the maturity to handle the money. Someone will be named Trustee of that trust to manage the money on behalf of the person the money was left to.
Trusts can be used to shelter assets from creditors and ex-spouses as well as to provide for young or less responsible beneficiaries to enjoy the benefits of your gifts without being able to frivolously spend the money. But that?s not all ? they can also be useful in avoiding probate fees and in distributing assets outside of the probate process. That keeps the information out of the public view for people who are concerned about keeping their financial matters private.
Types of Trusts
Trusts can either be Revocable or Irrevocable Living Trusts, or Testamentary Trusts provided in a person?s will. A Revocable Trust is a trust that can be changed during the lifetime of the creator of the trust. That can obviously offer some flexibility in one?s ability to change the trust document. Once that person dies, thought, the Revocable Trust reverts to being an Irrevocable Trust,Payday Cash Loans Bridge The Financial Void Article ? Finance Loans Articles,Louboutin Pas Cher, which cannot be changed. Irrevocable Trusts can also be set up initially in certain circumstances, most often to qualify for government benefits. A Testamentary Trust is simply a trust that is created by a person?s will.
In addition to Living and Testamentary Trusts, you may also hear a lot about Spendthrift Trusts. A Spendthrift Trust is one you would set up for a person who is not responsible for whatever reason. The idea is that you are leaving the money to a specific person for his benefit,Designer Wedding Dresses, but someone else controls the money for him. That person is called the Trustee. The Trustee decides what money to give to the beneficiary, how much,Wedding Dresses, when,Louboutin, and for what purposes.
While trusts can be very useful in protecting assets from creditors or people who are not responsible with their money, they are not for everyone. I recommend that you consult with an attorney to determine whether a trust is suitable for your specific situation. Trusts can add a level of complexity to a situation, and they can also create certain transactional costs,Cheap Wedding Dresses,relationresultAlthoughthe nanny cried out light operation, such as the filing of separate tax returns and the administration of property by someone other than the person creating the trust.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances,Christian Louboutin, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship. Louboutin Pas Cher
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