The unthinkable just might happen, so be prepared. Have a well documented and detailed set of instructions already neatly assembled and in place. Eliminate confusion by planning ahead. Estate planning not only helps avoid multiple state probate proceedings, but eliminates probate altogether. While the probate process remains open for public scutiny, estate planning keeps all asset transfers private. The segregation of assets will be thorough, leaving all questions answered and challenges to the estate nonexistent. Guardianship for minors, or disabled children, can be set in place prior to any unforeseen event. A living trust doesn’t just help in the event of death, it can also be referred to if you are deemed incapacitated. The changeable or revocable aspect and the estate tax minimization advantages, further add to the value of the living trust.
Estate planning gets everything in order while levelheaded thinking is in tact. It’s called estate planning for a reason and the planning part is the key part of the equation. Allow The Flaig Law Firm Estate Planning Westlake to help set your future straight.
Avoids Multiple State Probate Proceedings
When you own real estate or other property in several states, expensive multiple probate proceedings can be avoided by simply having a professional living trust document in place.
Court probate proceedings involve the legal process for transferring your property when you die. Proper estate planning eliminates the costly, tedious, and public court probate process.
Protects Your Privacy
Without a trust, all asset transfers will be made public during the probate process. A living trust allows for the transfer of your personal assets to remain private.
Segregation of Assets
Married couples, with substantial separate property that was acquired prior to the marriage as either a gift or for inheritance, benefit greatly from the segregation of assets aspect of estate planning.
Eliminate Challenges to the Estate
Due to the standard will being open for challenge and alteration by any family member, your death could lead to family disputes. Contests will be avoided by having a living trust in place.
Guardianship for Minors or Disabled Children
Guardianship documents are part of the living trust package and can help eliminate confusion and debate.
Helps if You Become Incapacitated
A properly drafted living trust package includes the necessary documents to protect you and your family. Financial and medical Powers of Attorney, Living Wills, and Nominations of Conservator will detail your wishes in the event that you are deemed incapacitated.
Changeable or Revocable
Created during your lifetime, the Living Trust (‘inter vivos trust’) carries with it a marked benefit. The living trust document is capable of being changed, amended, or terminated for any reason.
Estate Tax Minimization
Tax planning advantages are also available with the revocable living trust.