Do you want to avoid probate, which could tie up your assets after your death? If you are getting up in years and have several loved ones who you would like to name as beneficiaries of your estate, creating a living trust will ensure that your finances are not withheld from your family members, due to the necessity of validating your will.
What Is A Living Trust?
A living trust is a legal document that will allow a third party to hold onto your funds until you have specified that they are to be passed on to the people who you have left your assets to. For example, the third party in this situation would be referred to as a trustee. A trustee can be someone who you know, a bank, or even your lawyer. During your lifetime, you will have access to your funds.
You can also make arrangements to have your trustee handle your bills. This will provide the third party with access to your cash and bank accounts and they will be able to use their discretion to handle your financial matters. An estate planning attorney will assist you with drawing up a living trust. An estate attorney will discuss the probate process with you, in case you are not certain that you would like to put off the writing of a will. If you choose a living trust in lieu of a will, explain your unique circumstances to your legal advisor.
How Would You Like To Divide Your Assets?
You may have concerns about a particular person getting their hands on your money or you may be worried about how you are going to split your property and possessions. Explain your personal situation so that your lawyer understands what you are currently dealing with and any issues that you have, concerning the way that your property and other assets will be handled after your death.
If you would like to pass on some of your cash or personal possessions to a family member who is currently underage, your estate attorney may recommend that you set up a trust fund for the individual. A trust fund will ensure that money and property is protected until the date that the family member is of age.
Although many people don't like to think about growing older and dying, it is a reality that must be faced. It is best to prepare for the future so that your loved ones will be financially taken care of, once your time here on earth has ended. For more information, contact the professionals at Abom & Kutulakis LLP.
After being involved in a serious auto accident with a drunk driver, I struggled heavily with getting the driver's insurance company to open a claim. When the insurance company started pushing back, I knew I needed to do something. I spent a lot of time digging through the laws surrounding auto accident claims so that I knew what my legal rights were. I even talked with an auto accident attorney. I created this site to teach others about what I learned, including my court experience. I hope it helps you to determine how you should proceed with your auto accident case.