Some Tips in Preparing Your Trusts and Estates
It is an essential matter for us to get our trust and estate management documents in order, especially this is not an easy process as we think about end of life decisions. In its legal definition, trust is when one party holds the property for the benefit of another person. It is simply described as having a 3rd party holding all of your assets, to carry out your wishes and what you want them done after you die, thereby avoiding little to be debated.
You can put in a trust those real, tangible and intangible properties. The person who manages the trust on your behalf is called the trustee. Know that your personal name has to be taken out in any property you want in the trust and put the name of the trust to the entity which will be managed by the trustee. Note that a trustee can be anyone but often times it can be an officer of a bank or financial institution that will take charge with the holding of your property and in the distribution of it.
If you compare a trust and a will, there are some key benefits of having a trust, and the first benefit is that your trust and estate management plan is kept private. Be aware that trust documents do not have to be filed with the court in most cases unlike regular probate documents, thus no public records exist having your personal information and what each heir is getting and when in this case.
Another advantage of using trust over a will in having a trust and estate management plan is that the person can plan for mental disability. This benefit will allow you and your property to be kept out of a court supervised guardianship, if in case you will be mentally incapacitated in the future.
Considered as the biggest advantage in using a trust over a will is that your estate does not have to go through a probate process.
You will also likely to save more estate money in having a trust rather than a will plus you do not have to go through a probate process.
To find the best lawyer for your specific needs, you can use the internet in looking for sources, or go to a local bar association, or find lawyer referral services, or contact a legal professional association in your area.