Some Tips in Preparing Your Trusts and Estates
Getting into order your trust and estate management documents is not an easy process but you have to get it done as it becomes an essential matter as you think about end of life decisions. The legal definition of trust is that one party which holds the property of another for his or her benefit. 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. In this situation, any property you want in the trust should have your personal name taken out, and changed into the name of the trust which is managed by the trustee. Many times, it is an officer of a financial institution like banks who can be your trustee, but can also be anyone, and this person will take charge with the holding of your property and in distributing 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. Trust documents differ from regular probate documents in the sense that these do not have to be filed with the court in several cases, and thus there are no public records of existence that will show your personal information, as well as the information about what your heirs will get and when they will get it.
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. With this, you and your property will be kept out of a court supervised guardianship, if in the future you will become mentally incapacitated.
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.
Using a trust is considered also as likely to save your estate money over having a will and going through the 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.