Source: http://financialwww.com/
Once only available to those who could afford to fund it, can appoint an expensive trustee, the ability to run a trust fund and the tax advantages that it brings are available to all. Known as living trusts, they present an opportunity for all to manage their estate while they are still alive and provide for their loved ones after they have passed on.
By preparing a living trust, the party or parties involved are able to avoid their estates being put through a probate process after their passing. This is a costly and time consuming process, where only the legal system gains and the parties' heirs are denied access to the funds or assets that are legally theirs.
A living trust, virtually supersedes leaving what was once a "last will and testament", where the parties know that almost as soon as they pass on, their beneficiaries will be able to enjoy the fruits of "trustor's" life's labors which will be left to them in their estate. A trustee appointed by the party or parties who will be drawing up the living trust will handle all the arrangements necessary.
Nowadays anyone whose estate value of $100,000 or more can enjoy the benefits and knowledge that after their passing, the distribution of their estate will be handled both quickly and efficiently. Formerly the estate would be subject to probate laws, set in the state where they lived. Handling the disbursement of the estate after death could cost between 2%-4% of the estate value just in court and legal fees.
By preparing a living trust the party or parties can avoid a large portion of these fees, the time it takes to settle the probate, and a percentage of the estate taxes.
Living trusts can be funded by anything that the "trustor" decides. It can be money, stocks and bonds, property, life insurance policies and any item of personal property, valuable or not. The trustor has to clearly state who gets what once they pass on. When the trustor does pass on, then the appointed trustee oversees the distribution according to the "trustor's" exact wishes.
In the event that the "trustor" becomes infirm or incapacitated, unless they have left specific instructions to the contrary, the trustee will accept responsibility for the management of the estate. Beneficiaries will be unable to make changes to the way the estate is to be distributed after the "trustor's" passing, and new beneficiaries can be added.
By setting up a trust fund well in advance, the trustor can relax in the knowledge that their estate is in the capable and objective hands of a trustee, who will act in their best interest and in the interest of their loved, either if they become physically or mentally incapable of taking care of their affairs. When they pass on, the know that by creating a living trust they will have enabled their estate to be dissolved efficiently and rapidly, avoiding unnecessary distress to their loved ones.
Source: http://financialwww.com/
Once only available to those who could afford to fund it, can appoint an expensive trustee, the ability to run a trust fund and the tax advantages that it brings are available to all. Known as living trusts, they present an opportunity for all to manage their estate while they are still alive and provide for their loved ones after they have passed on.
By preparing a living trust, the party or parties involved are able to avoid their estates being put through a probate process after their passing. This is a costly and time consuming process, where only the legal system gains and the parties' heirs are denied access to the funds or assets that are legally theirs.
A living trust, virtually supersedes leaving what was once a "last will and testament", where the parties know that almost as soon as they pass on, their beneficiaries will be able to enjoy the fruits of "trustor's" life's labors which will be left to them in their estate. A trustee appointed by the party or parties who will be drawing up the living trust will handle all the arrangements necessary.
Nowadays anyone whose estate value of $100,000 or more can enjoy the benefits and knowledge that after their passing, the distribution of their estate will be handled both quickly and efficiently. Formerly the estate would be subject to probate laws, set in the state where they lived. Handling the disbursement of the estate after death could cost between 2%-4% of the estate value just in court and legal fees.
By preparing a living trust the party or parties can avoid a large portion of these fees, the time it takes to settle the probate, and a percentage of the estate taxes.
Living trusts can be funded by anything that the "trustor" decides. It can be money, stocks and bonds, property, life insurance policies and any item of personal property, valuable or not. The trustor has to clearly state who gets what once they pass on. When the trustor does pass on, then the appointed trustee oversees the distribution according to the "trustor's" exact wishes.
In the event that the "trustor" becomes infirm or incapacitated, unless they have left specific instructions to the contrary, the trustee will accept responsibility for the management of the estate. Beneficiaries will be unable to make changes to the way the estate is to be distributed after the "trustor's" passing, and new beneficiaries can be added.
By setting up a trust fund well in advance, the trustor can relax in the knowledge that their estate is in the capable and objective hands of a trustee, who will act in their best interest and in the interest of their loved, either if they become physically or mentally incapable of taking care of their affairs. When they pass on, the know that by creating a living trust they will have enabled their estate to be dissolved efficiently and rapidly, avoiding unnecessary distress to their loved ones.
