A good Estate Plan is more than just a will. It
- Coordinates how Investments and Insurance will be handled
- Manages Emergency, Retirement, and other assets
- Brings Peace of mind to your loved ones by avoiding court process called, Probate
- Keeps you on track to meet Financial Goals
-
- Dictates Asset distribution, Debt arrangements and Guardianship of Minor child at death.
-
- A Trust takes effect as soon as it is created.
- Property transferred to trust name passes out of Probate
- Can be used to plan for Disability or provide for tax savings
-
- Financial Power of Attorney
- Health care designation
- HIPAA Authorization
- Living Will Declaration
I have a Will, Do I need a Trust also?
Will:
A will goes into effect only after Death. All assets/properties pass through the court process called Probate. Will allows to name a guardian for minor children
Trust:
There are two types of Trust: Revocable and Irrevocable.
A Trust (revocable) takes effect as soon as it is created. Assets under Trust bypass the court process, Probate. The Trust covers property that has been transferred to the trust. Trust can also be used to plan for Disability or to provide for tax savings
Irrevocable Trust protect from law suit and also can be used to avoid or reduce Estate Tax
If I create a Living Trust, should I also consider creating a Will?
Yes. A Will provides a backup plan for any property that doesn’t make it into your Trust. Also, Will is used to name the guardian for minor children
Please schedule a call with us to get more information about these frequently asked questions?
-
- How can I create Will & Trust
- How much it will cost?
- What is Estate Tax, how can I avoid?
- Does Trust give Protection from Creditors?
- Do I need to pay any annual fees for the Trust?
