Will Vs Trust

If you die without having a will created the estate assets become frozen and the court manages it. No thought is put into the deceased family. A living will is a document that talks about if a person become extremely ill they do not have to be kept alive by medical machines if they don’t want to be. Everyone should obtain life insurance so when they die there living family members will be provided enough money for a standard life. Between your living estate and insurance you must have enough money to cover all debt, future obligations, and supporting your

On a living will, an individual can express if they would prefer not to be resuscitated or if they don’t want to be living artificially on life-support. Additionally, living wills establish a written declaration of a power of attorney, establishing a person who may legally speak on behalf of a patient who is unable to do so. Living wills are crucial pieces of documentation that are necessary for the dignity and wishes of a person who may fall unexpectedly into a life-threatening condition. If a person does not wish to live artificially on life support, a living will may be the only documentation that can secure their right to die with what they choose to be a dignified death. Unfortunately, living wills are not too common, resulting in countless Americans whose lives are extended long after they wish to live. In order to get a living will, one can either hire an attorney and have the attorney draft a living will or there are templates available that can be filled out and submitted for notarization.

Death is something that most people do not like to think about, much less talk about. It is easy to see why the important decisions involving one’s own end of life decisions or the decisions of a loved one are conversations easily pushed to the back burner. Before it is too late, people should fill out an advance directive, including a living will and durable power of attorney, to decrease the burden and uncertainty that could be left to loved ones. People should also consider the type of care they would like to receive at the end of their life and what to do with their body once they have died. Having plans surrounding one’s death is beneficial to everyone involved, as it gives a clear plan on how to proceed.

Contrary there are some faults to that could come into play with a living will. For instance in the state of Michigan it is not required for a living will to be enforced legally so in the end you wants might not even come into consideration. Another fact is that a physician can decide what is deemed necessary under certain circumstances and go against your wishes not to be resuscitated. Given the circumstances your family members might not agree with you giving up the right the life for the sake of their finical security. Terri Schiavo's family never gave up on her and would have been content to take care of her for the rest of her life. In the advent that a person does not have a living will in place one of your close relatives would be instated to make health care decisions for you. Which is not necessarily a bad thing, but it might not be entirely what you

With the revocable living trust, Claire will be able to have her assets put in the trust, and in the future, if she becomes incapacitated, then her trustee can manage things for her, instead of her beneficiaries, or a guardian of the court. A revocable living trust will also allow upon death, privacy of Claire, her beneficiaries and her property. If the revocable trust is designed to become irrevocable upon death it will benefit the beneficiaries in ways that they can design and put several irrevocable trusts in place to protect them and other beneficiaries (Garber, 2017). Claire’s son John, could possibly contest this Living Trust since he is a beneficiary, however if the planner accurately followed State laws, physician assessment guidelines, and uses careful design, chances that John could successfully contest would be slim. John could also contest the Will or the Living Trust if he feels that her capacity level was not accurately assessed during the time of designing and signing the legal documents, hence the reason for witness testimonies along with their signatures to safeguard from such challenge (Garber,

Sonja has a mentally disabled son. She wants to make certain that her son will have a continuous income after her death. In this particular situation I would say to have a Trust as well as a Will. Having a Will can specifically state exactly what the decease last wishes were and by having a Trust with someone assigned to the Trust or a guardian on the Will, will make everything crystal clear with no hassles on what the last demands were. Another way is to use the fixed amount or fixed period option which

There are several methods that are used to transfer property after death. While all of these methods have worked to keep property out of probate court, there are also disadvantages to each which must be understood. Some of the most common methods of avoiding probate include:

Once a settlor places assets into a trust they no longer become the property of the settlor. From that point on they are the property of the trustee for the benefit of the beneficiaries.

The living revocable trust is the one used most often. The benefits of a trust like this include: helping dodge probate, reduce estate taxation, and maintain asset management when the owner or initiator of the trust becomes incapacitated or dies. Yes, technically trusts don't have official owners, but this description makes it much easier to understand. Today we are going to focus on establishing and

Now that you are aware of a few myths about probate, you can prepare yourself for what your loved ones will have to deal with after you pass

When planning your estate, you may want to consider a strategy that will avoid probate. The probate process is time consuming, expensive, and at times, contentious. So, to save money and spare your loved ones from the hassles of probate, plan to avoid probate.

A living will also allows a person to state with particularity the forms of treatment are wanted and not wanted. For example, if a one does not want artificial life support, then sign the living will stating that desire. It is also important to discuss your beliefs and wishes with you family, spouse and other people whose opinions you respect, such as clergy,

Most of your assets are to be distributed among children or family. Estate planning should be taken care of before ones death rather than after. If nothing is setup then there is a probate court that will distribute and properly execute to people or organizations, which is required by law. It is recommended that your assets be set up as a nonprobate property. Meaning that you have distributed your assets by transfer to a designed beneficiary, transfer to property ownership designation and transfer by payable death designation. Having a joint tenant in a property transfers immediately to that person upon ones death and for payable on death designation allows for the beneficiary to access funds immediately with proof of a death certificate. A will also establishes what should be done with any remaining assets after death. This is done through a personal representative that identifies ones assets, collects any money due and after that is established they will pay off any debts and after filing income tax distributes it with the permission of the court. Keep in mind that spouses have legal rights to each other estates. This is known as community property laws that state that the surviving spouse owns half of everything acquired during the marriage regardless of the contribution by either

Most humans have a difficult time thinking about death, but it is a life circumstance that we all face. Part of being a responsible human is making the necessary arrangements for distribution of your cash, assets, and other property in the event of your death. Most people are aware of the Will as a legal tool, but it’s not the only one available. Living Trusts are another way to make sure that your assets go where you want them to, and in a timely fashion. Wills and Trusts are both great legal tools, but some people may want to use both of them together. Let’s go over Wills, Trusts, and the circumstances where someone might want to use both of them concurrently:

To make sure your wishes are put into practice, you need to provide instructions that state whom you want to receive something of you own, what you want them to receive, and when they are to receive it Of course, you will want this to happen with the least amount paid in legal fees, court costs, and taxes. All this process is what we refer to as fundamentals of estate planning. And estate planning is basically making a plan in advance and naming whom you want to receive your estate.