It seems to be the general concensus that a Last Will and Testament is an essential part of a good estate plan but Living Trusts are not as widely used nor understood. Although many may think that probate is a negative of the Last Will and Testament, a great many individuals remain comfortable with it. There are a number of ways to pass your wealth onto family members. But whatever method or tool you choose, taking action is pivotal. Don’t spend so much time thinking about what to do that you simply do nothing.
Planning a strategy to pass on your wealth to family members, charities or friends must be a highly personal and individual decision. It is good to consult with individuals skilled in a number of arenas concerning making plans to secure the integrity of your estate. In the final analysis, you must make the decision as to how your assets will be handled. This requires researching and educating yourself so that you can participate intelligently in the conversation and oftentimes requires working with a knowledgeable financial professional.
It is never a good idea to be in a position to listen and listen without the benefit of having some knowledge under your belt. You don’t have to be an expert, but you surely need to have enough information so you can determine which direction you want to take. Summarily, you don’t want anyone making critically important decisions for you. You want to make those decisions yourself.
More and more individuals are turning to Trusts in managing the transfer of their wealth to their loved-ones. As the grantor or the trustor of the trust, you may make changes, additions or transfer assets. You may even terminate the trust altogether. A trust can be changed and so can a will. Both instruments require being informed. By comparing Wills and Trusts side-by-side and of course having a decision with someone you trust will help you decide if a Trust is right for you.
P. S. Always Remember to Share What You Know.
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