Be Prepared in the Management of Your Trusts and Estates
Getting into order your trust and estate management documents is not an easy process but you have to get it done as it becomes an essential matter as you think about end of life decisions. Trust, in legal definition is that one party that holds property for the benefit of another. It is simply described as having a 3rd party holding all of your assets, to carry out your wishes and what you want them done after you die, thereby avoiding little to be debated.
The properties you can put in a trust can be real, tangible and intangible. The trustee is what you call a person who manages the trust of another. In this situation, any property you want in the trust should have your personal name taken out, and changed into the name of the trust which is managed by the trustee. Many times, it is an officer of a financial institution like banks who can be your trustee, but can also be anyone, and this person will take charge with the holding of your property and in distributing it.
If you compare a trust and a will, there are some key benefits of having a trust, and the first benefit is that your trust and estate management plan is kept private. Trust documents differ from regular probate documents in the sense that these do not have to be filed with the court in several cases, and thus there are no public records of existence that will show your personal information, as well as the information about what your heirs will get and when they will get it.
The second benefit in having a trust over a will is that in your trust and estate management plan, you can plan for mental disability. This benefit will allow you and your property to be kept out of a court supervised guardianship, if in case you will be mentally incapacitated in the future.
The most important benefit of using a trust over a will is because your estate does not have to go through a probate process.
You will also likely to save more estate money in having a trust rather than a will plus you do not have to go through a probate process.
To find the best lawyer for your specific needs, you can use the internet in looking for sources, or go to a local bar association, or find lawyer referral services, or contact a legal professional association in your area.