Do You Really Need Trusts And Wills?
Dying is the most inevitable thing in the world. You may think it is easy enough to just go but when you have several things under your name and you have your family to think about, you must be prepared. This is where the trust and will comes into the picture. What exactly is a trust? It is a written agreement between you, the trustee, the beneficiaries, and the grantor. The trustee is usually the family lawyer. The beneficiaries, as the name suggests, would be the people who are going to benefit from whatever you have left them. These people are usually the family members left behind. There are some people who no longer have any family members left so they can always pick other people or organizations to leave their money and possessions to. A trust is important because it will be stated on this agreement the things that you would want to happen to your assets when you leave this world.
You ought to be aware that trusts and wills are not really synonymous. A trust would be a great substitute for your regular will. Life can be very unpredictable and you might find yourself in an accident that could leave you incapable of functioning normally again. This is where the trust comes in because this is considered to be a plan for when a disability occurs. With the property protection trust, you no longer have to go through court proceedings to get the transfer of assets done in the event you are no longer competent or mentally well.
What is so enticing about having a trust is that the moment the transfer has taken place, the taxes are then eliminated. For more facts and information about wills and trusts, you can go to http://www.ehow.com/how_7979096_create-living-trust.html.
This is a way for you to protect your assets before you leave this world. You are also making it easier for family members since you are the one to decide as to where your assets will go and who gets what. The downside with a will is that it would only be taken into consideration when the person dies.
This means that there would still be no transferring of assets when it is only a disability. This is the main reason people now prefer to have trusts rather than a will. When you have a trust and the funds are transferred to your loved ones, you get to see the look on their faces and how happy you have made them. When you have wills, you would no longer be there to cherish the moment with your loved ones.