Do You Need Help Making Your Trust?
If you own a substantial or large estate, you may want to leave it to your loved ones in the future. However, you may not know exactly how to protect your estate or ensure it goes to your loved ones after your passing. You can protect your estate with a living trust. Learn more about living trusts and how to establish a trust for your estate below.
What's a Living Trust?
A living trust determines how and when your loved ones receive your estate after your death. A trust allows you to choose a specific person to receive your estate, or it allows you to choose multiple people to inherit your belongings. You can also use a living trust to plan your burial.
Before you establish a trust, you must choose someone to oversee it after your passing. The individual, or trustee, must be able to distribute your estate to each of your beneficiaries fairly and in a timely manner. The trustee must also be someone you trust to manage your estate if you become ill and unable to do so yourself.
After you select a trustee, you must choose someone to create it. You must use a grantor, or legal representative to assist you.
How Do You Secure Your Trust?
A grantor, such as a financial advisor or attorney, can help you establish your trust in a timely manner. An attorney will go over your assets and help you calculate their worth. Your estate may go through probate after you pass. Probate will allow the state to use your estate to pay off any debt or tax obligations you may have at the time of your passing.
An attorney may also help you select a trustee for your estate. If needed, an attorney can investigate the person you wish to use as your trustee. An attorney can ensure the individual's background is clean or free of anything that may hinder their ability to handle your estate later.
After you choose your trustee, you can select your beneficiaries. An attorney can give each person equal portions of your estate, or they can make other arrangements for your estate. For instance, you may wish to donate some of your estate to a local provider or a charity. A lawyer can help you add the information to your trust before you complete it.
Learn more about trusts and how to prepare one by contacting a trust preparation service today such as Legal Document Assistants | LDA PRO.
