Planning Your Life / Estate Planning
Trusts & Wills
Don't forget to plan your families future
Take the stress away and plan ahead
The reality is that we wont live forever and when we pass, our loved ones will have to take care of all our finances, property and assets. This can be a nightmare and in many instances, the family will fight over every little thing.
By planning your life, you effectively will ensure that your wishes will be carried out, your family and loved ones will not bear the burden of handling your affairs, and you prevent your family or loved ones from fighting amongst each other.
Far too often, family members take their grief and use it as a weapon against each other.
Sometime a family member may step in and try to represent “your wishes” but you are no longer around to ensure that is exactly what they are doing.
We can set up a trust to ensure your wishes will be followed and prevent needless attorney fees or family fights. We will also set up a will to be used as a backup.
Together we can plan your life.
We will set up a living trust and place all your assets into that trust.
You will still be in full control of everything.
You should never create just a will or just a trust. It is in your best interest to create both.
The trust keeps you out of probate court which has the power to overrule and change your will.
By creating a will, you are making sure your wishes are clear in case your trust is challenged.
Types of Trusts:
Living trust -> a trust that runs during your lifetime which you have allocated what should happen to your assets in the event of passing.
These trusts can be revocable or irrevocable.
Irrevocable Trusts: mean the trust, no matter what happens, cannot be terminated by the one who created it. Only the people who will receive the assets from the trust can modify it.
Revocable Trusts: mean the trust can be terminated at any time, but creditors can still try and go after the assets
Irrevocable Trust prevents creditors from going after the assets in this type of trust.
Spendthrift -> a trust set up for the person who sometimes can’t help but spend money. The trust is set up to provide monthly, weekly or daily allowances to a particular individual. You make the plan. If you are afraid a particular person may just waste money down the drain, this is the trust you need.
Charitable Trust -> this is a trust set up for a charity or for the public. These trusts are important to offset estate or gift taxes.
Special Needs Trust -> this is a trust where the beneficiary receives government aid for their disability. A special Needs trust is set up to ensure that while the disabled person receives government aid, they can receive additional aid from the special needs trust. Without such a trust, the government aid could be offset by any additional aid or benefits the disabled person receives.
Contact us today and lets plan your future together.