Estate planning is one of the most important things you can do. Not only will this give you peace of mind right now, but it will go a long way in helping your family live a better life once you pass on. Is there anything more important than that?
There are many ways to create a comprehensive estate plan, and you need to make decisions based on what is right for you and your loved ones.
If you determine that a trust is the best way to go, here are some details to focus on:
-- Creation of a trust. This is the first step in the process, and you need to answer some very important questions. For example, it's time to name a trustee and beneficiary.
-- Learn more about the types of trusts. Your two primary options include a living trust and a testamentary trust.
-- Transferring assets. With an irrevocable trust, for example, assets are transferred into the trust before your death, thus ensuring that your loved ones avoid probate. A revocable trust takes the same approach, as you can guarantee that you have no assets at the time of your death.
When you focus your time and energy on all the right details, it won't be long before you feel good about your estate plan.
Once you learn more about each type of trust, you can then decide if this is something you want to consider. Many people have found that this is the best estate planning arrangement for them. You won't know for yourself until you learn more about the pros and cons.
Source: FindLaw, "Trusts: An Overview," accessed July 07, 2016