Why you Should Consider a Living Trust?
A discussion on how to leave your family intact and properly taken care of may not sound so good. You should start thinking of a Living Trust This document clearly indicates and outlines how you want your estate handled in the event of your death. The legal document is similar to a will but has more advantages. Notably, a will is only effective after a court supervised process known as probate that enhances of the distribution of your assets. It may thus cost a lot and take up a lot of time. For a living trust, however, you only require to appoint a successor trustee who then distributes your estate as outlined in the document without court intervention. It, therefore, less cost and time-consuming compared to the will.Besides, for the will, court fees, attorney’s bill as well as executor fee could go up to 5% of the assets.
In addition, a living trust ensures the protection of your privacy and that of your family. Clearly, when the will is presented in the court for probate, it automatically gets into the public records. At no point does the living trust become a public record since it requires no probate; hence no search can revile the distribution of the assets. Also, the living trust is better since you can avoid bringing in the court and only appoint a successor trustee, in the event that you are either ill or incapacitated. Also, the living trust will enhance your calmness and peace of mind. With a clear outline of what you want to happen to your estate, you can relax, since your family is sufficiently safe and cared for.Besides, the beneficiaries can appreciate that you have settled your estate and thus enjoy peace of mind.
The process of settling a living trust may be long; it is essential to pick a successor trustee as the initial step. So as to make an effective living trust ensure you have a living trust checklist. There are essential requirements in the living trust checklist you need to include. First, it is vital that you create an inventory that includes every asset as well as the liabilities. At the same time, make an order in the funeral home five or more copies of death certificates. It is also critical to outline all expenses in the living trust checklist. Further, ensure that each of the beneficiaries has a statutory notice.
It is vital to include the filing of the estate filing returns in the living trust checklist. Besides, make preliminary as well as final distribution to all beneficiaries. Finally, let each beneficiary signs the receipts and accounting waivers. Therefore, ensure that each requirement in the living trust checklist is met.