Michael E Weintraub Esq since death is inevitable, making an estate plan is a sensible thing to do if you want your property. And wealth to go to your intended beneficiaries without them having to engage in messy family disputes. That can only be resolved after a long, stressful, and expensive court intervention. There are two basic ways of planning your estate; making a will or a revocable trust. Michael E Weintraub esq takes a hard look at some of the undeniable advantages of a revocable living trust over a will.
Michael E Weintraub Esq Enables the Heirs to Avoid Probate
A will becomes effective only after it has been probated by a court of law. A probate is a process. Supervised by the court to ensure that the transfer of the assets passed from the ownership of the deceased. To the beneficiaries named in the will. Living trust because even though the person may have died. The trust that owns all the assets continues to exist. The arrangement is by way of a private contract between the person setting. Up the trust, i.e. the grantor, and the trust. Typically, the grantor himself serves as the trustee to manage the assets during. His lifetime and after his death, the named successor trustee can manage the trust. Settle and distribute the assets to the beneficiaries.
Michael E Weintraub Esq Serves to Maintain Privacy, observes Michael E Weintraub esq
Because a will is submitted to the court for probate. It becomes a matter of public record, and anyone interested. In your private affairs can know what you owned and how you disposed of it. On the other hand, in case of an irrevocable trust, only the beneficiaries, and in certain states. The heirs, irrespective of whether they are beneficiaries or not, have the right. To know the contents of the trust documents. These documents remain private unless a beneficiary or heir moves the court to challenge. The validity of the trust, says Michael E Weintraub esq.
Permits Estate Planning for Mental Disability
Unlike a will that can be recognized only if you die, a revocable living trust. Can prepare your estate in case you are no longer mentally competent. If it is proven that you are no longer capable of acting as the trustee. A successor trustee can take over the administration of the trust. The determination of your mental incompetence. Will be determined by the process outlined in the trust documents; typically a certification by your physician or unanimous concurrence of a team of physicians is necessary. However, the assets will continue to remain with the trust and will only be distributed. To the beneficiaries after your death. This kind of planning is not permissible in a will, and your heirs will have to approach. The courts to appoint a guardian to manage your affairs until your demise.
Even though a revocable trust is more flexible than a will, you may still require a will to take care of the disposal of assets that you may have omitted to transfer to your trust or to take care of the appointment of a guardian for the upbringing of minor children. This will, however, will need to be probated.