Obtaining A Living Trust
A discussion on how to leave your family intact and properly taken care of may not sound so good. It is essential to consider a living trust. This document clearly indicates and outlines how you want your estate handled in the event of your death. The document is almost like a will, but brings about much more advantages. Notably, a will is only effective after a court supervised process known as probate that enhances of the distribution of your assets. Probate is both time consuming and expensive. However, for a living trust, you appoint a successor trustee who distributes your assets after your death without involving the court. It, therefore, less cost and time-consuming compared to the will. A will may also include paying court fees, attorney bill and executor fee and thus could consume approximately 5% of the estate.
The living trust takes care of both your privacy as well as the privacy of the 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. By appointing successor trustee, you can keep off the court in your asset affairs even in case of illness or related issues.A living trust also provides you with sufficient peace of mind. With this legal document with a clear outline of your wishes, you are sure that the family is well cared for.The beneficiaries also acquire peace of mind, knowing that your asset matters are settled.
Settling a living trust can be lengthy, but first, ensure you have your preferred successor trustee. To ensure that you don’t miss a thing, make 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. In addition, be keen to include in the living trust checklist any expenses. Also, ensure that you issue each of the beneficiaries a copy of a statutory notice.
In the living trust checklist also, include filing an estate tax return. Besides, make preliminary as well as final distribution to all beneficiaries. In the end, see to it that the beneficiaries sign on the receipts and accounting waivers. Therefore, ensure that each requirement in the living trust checklist is met.