Living,Trusts,and,Wills,Which, law Living Trusts and Wills - Which Elder Law Option Is Best For
Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi
Wills are the go-to option for many people who are planning ahead for the distribution of their assets upon their death, but another option exists: the living trust. Here, we'll examine the similarities and differences between wills and living trusts so you can determine which is the best choice for you.Wills Provide Sense Of Security Wills have been the legal documents of choice for years when it comes to ensuring that assets are disbursed in a desired manner upon passing. An elder wills lawyer can ensure that your heirs, your home and other belongings are taken care of in a manner of your choosing. You can rest easy knowing that your wishes will be fulfilled.Almost anyone who owns property or has children should have a will. Without a will, state law determines what happens to your property and investments and who will care for your children, regardless of what you may have verbally expressed prior to your death.Wills range from the very simple, which leave everything to your spouse, for example, to the more complex with assets divided among heirs and charities or put into trust funds to be used for specific purposes in the future, such as college education for your children. One downside to relying on a will as your sole source of asset distribution is that it is subject to probate, which can be a lengthy court process and cost your heirs money.Estate Law Allows Living Trusts To Avoid Probate A living trust may be an unfamiliar concept to many people. Perhaps they hear the word "trust" and think it only applies to the very wealthy. Maybe they think that these are only created to distribute significant amounts of funding to people or organizations upon their death. In truth, a living trust looks a lot like a will on the surface. But there are subtle differences between the two. First, it termed as such because it is created while you are still alive, not upon your death. This allows you to maintain control over the trustees, beneficiaries and all decisions related to your property as long as you live.Second, a major difference between living trusts and wills is that you must transfer ownership of your assets to the trust at the time it is set up. Termed "funding the trust," this means you sign your property over to trustees. You can name yourself as trustee, thereby maintaining control of your assets.Unlike a will, a living trust does not go through probate. Probate is the legal process that occurs once a person dies. It involves proving that the deceased has indeed, passed, identifying the deceased's property, having it appraised and paying off any debts and taxes that may exist. The remainder of the assets is then distributed as dictated by the will.A living trust avoids this process because it allows you to select someone to take care of distributing your assets after your death. Called a "successor trustee," this person makes all decisions related to your belongings upon your passing without having to go to court to be allowed to do so. A living trust and the successor trustee concept also prevent the courts from taking control of your assets if you become incapacitated, and gives you control over what you leave to your children and grandchildren. Trusts are also more difficult to contest than wills.The Benefit Of An Elder Law AttorneyAttorneys who specializes in probate, elder law or wills or estate law attorneys can advise you about how to distribute your assets upon your death. They are familiar with federal and state laws regarding estates and inheritances, taxes and probate and can answer any questions or concerns you may have about how best to pass along your assets to your heirs or other selected recipients. Article Tags: Living Trusts, Living Trust
Living,Trusts,and,Wills,Which,