Estate Planning Questions To Ask Yourself:
Many times when dealing with clients in the area of family law, the question arises whether or not that person should have a Living Trust. Before answering that question, it is important to know what a Living Trust is. There are two types of Living Trusts: Revocable Living Trusts & Irrevocable Living Trusts. With a Revocable Living Trust, you transfer our assets into the ownership of the trust. You retain control of those assets as the trustee of your revocable living trust. You can change or revoke the trust at any time you want. An Irrevocable Living Trust, on the other hand, allows you to permanently and irrevocably give away your assets during your lifetime. After you give away these assets, you have relinquished all control and interest in these assets.
When considering a Living Trust, ask yourself these simple questions:
- Has it been more than 3 years since you reviewed your estate plan, including your will, life insurance policies and any other documents?
- If you or your spouse passed away today, are you uncertain about what would happen to your property?
- If you became incapacitated, would your family have to go through court proceedings to carry on your affairs?
- Do you have minor children or other people who are dependent on you?
- If a death occurred and court approval was required to release accounts for working capital, could it disrupt your business or family life?
- WOULD YOU LIKE TO AVOID PROBATE OF YOUR ESTATE???
If you are concerned, please call for a free consultation about the benefits of having an attorney prepared Living Trust in your possession.