IntegriTas? Estate Planning Wills vs A Living Trust. Why trust. Benefits of a Trust Centered Estate Plan. Conclusion. What is an estate?
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1 upon of for clients and their
2 What is? Legal documents that: Provide immediate transfer to heirs of financial, personal, titled, and business assets at incapacitation, or Eliminate probate court costs, unnecessary legal fees, in your home state and other counties or states where you have estate assets. Provide tax advantages. Include instructions for your care if you become disabled or incapacitated. Name a guardian and an inheritance manager for minor children. Provide for family members with special needs without disrupting government Provide for loved ones who are not responsible with financial matters or their inheritance. When you do not plan others will have to... Intestate Succession is a process of law where a person dies without a Will or Trust, and the estate is subject to State Statutes Laws and probate. A Probate Judge will write your Will. The executor or personal representative of your estate may not be one of your children or whom you would have chosen. (Court appointed executors are allowed to charge 10% of the gross estate value.) The distribution of your estate assets may not be to your chosen Intestate Succession is fraught with delay; improper distribution to heirs, exuberant expenses, publicity, and should be avoided at all cost. What is Probate? Probate is a state court process that turns the decedents affairs over to the court and attorneys. Duties for the Probate Judge, Attorney and the Executor: Reading of the Will Inventory of assets Freezing of all assets Taking control of assets by an attorney Appraisal of assets by an appraiser Discovery of all debts Collection Advertising the probate administration These are just a few of the duties executed by Probate is calculated on the gross estate value not the net. For those who think that they do not have enough real worth, they need to think again. When considering the pecking order of final distribution, heirs feel they fall in last place. According to Henry W. Abts III, The process of probate usually takes at least one and a half to two years to complete. Many cases take three or four years, and more. The result of no Estate Plan or a Will Centered Estate Plan is a reduced inheritance of 15, 20, or 40% of the gross estate value.
3 Another form of Probate: When a parent or person becomes incapable of handling their affairs due to illness, dementia, or stroke; loved ones will need to obtain conservatorship of the estate assets. It is known as Living The probate court assumes all authority for the financial and personal affairs of the person until the court appoints a person. With a Trust Centered Estate Plan the Co-Trustee, (spouse), of the Trust, or the Successor Trustee, has complete control of the estate assets without having to enter Living Probate for conservatorship of estate assets. There are no delays when decisions have to be made for incapacitated loved ones. Most families realize a Will is not the correct Estate Plan. A Will is a legal document that simply states your distribution intentions, and identifies Titled assets held within a Will must endure the probate process. There is a common misconception that can be drafted to completely avoid the probate process. This is simply not possible. It is thought that the Probate Judge is bound by the dictates of the Will. Not so! Recent statistics shows that one third of all contested are successful. Families fall prey to major litigation as both parties obtain attorneys to contest the Will and probate court. SOLUTION Choose a Living Trust Centered Estate Plan: American Bar Association: More people are transferring their assets outside of, and thus beyond the reach of probate. There is for instance a boom in purchasing Revocable Living Trusts. does avoid probate, if properly funded. Living Trusts are settled privately between children and beneficiaries. Suze Orman, Author and TV Host: The reason a trust bypasses probate is that you have transferred assets from your name as an individual in the separate entity of your Trust. Estate assets are no longer in your personal name, therefore, probate is not required. The Trust bypasses the court system; there are no probate costs and no legal fees. There is no freezing of assets, or public record of the value of your estate, protecting your privacy.
4 upon of for clients and their
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