A trust is a legal arrangement in which one person (the trustor) transfers property to another person (the trustee) to hold and manage for the benefit of a third person (the beneficiary). The main purpose of a trust is to minimize estate taxes. By transferring property into a trust, the trustor can reduce the value of his or her estate and thus lower the amount of estate taxes that will be owed. The trustee is responsible for managing the property in the trust and ensuring that the beneficiary receives the benefits of the trust.
Estate planning is the process of making arrangements for your property and possessions after your death. It can also cover things like your finances and healthcare. Estate planning is important because it allows you to control what happens to your belongings and property after you die, and ensures that your wishes are carried out. Without a proper estate plan, your loved ones may have to go through a lengthy and expensive legal process to sort out your affairs, which can be stressful at an already difficult time. A well-thought-out estate plan can also help reduce or eliminate inheritance taxes so that more of your assets go to your loved ones instead of the government. If you have any questions about estate planning or would like help getting started, please contact our office. We would be happy to assist you.
When somebody dies without a will, it can create all sorts of problems for their loved ones who are left behind. If you die without a will, your assets will be divided up according to the laws of your state – which may not be how you would have wanted them to be divided. Furthermore, if you have young children, the court will decide who will take care of them – which may not be the person you would have chosen. A will allows you to control what happens to your assets after you die. You can choose who gets what, and you can also appoint a guardian for your children. Without a will, all of these decisions are left up to strangers. So why do so many people die without a will? Many people think that they don’t have enough assets to warrant drawing up a will – but this isn’t true. Even if you only have a few thousand dollars in the bank and some personal belongings, it’s still worth having a will. This is because a will allows you to control what happens to your assets – even if they’re not particularly valuable. If you care about what happens to your loved ones after you die, then it’s essential that you have a will. Don’t leave things up to chance – make sure your wishes are carried out by drafting a will today.
We help our clients plan for their financial future, avoid probate, and protect their assets for their families. How long has it been since you have reviewed your trust? Perhaps some things have changed and it needs to be updated. Let us help you review it and revise it if necessary.