Plan your asset distribution now, make a revocable living trust

Written by singhlawfirm

It’s not an easy job planning an estate and personal investments. The process is complicated and involves a number of decisions and factors. An integral part of estate planning is deciding on how to title the estate after the owner’s death? The estate plan needs to be water tight and well thought over so that the investments and estate is handed over to the well-deserving beneficiaries in a smooth and easy manner. You don’t want your plan of “handing-over-deserving-property-to-beneficiaries” to fail, do you? You don’t want your beneficiaries running from judicial pillar to post to get what you wanted them to have?

Dealing appropriately with money and family at the same time is not an easy job. Expectations, demands and finances can drive a person up the wall. There can be no loop hole in the distribution of assets ever, and the financial investments have to be kept safe and sound while the owner is living, after all there are debts to be paid, taxes to be paid, and daily expenditure to be managed.

Estate planning demands careful thought and a legal advisor to take care of your assets after you are gone. A solicitor has the legal expertise and information regarding a revocable living trust so that the access to the money and estate becomes easy and the transfer can take place smoothly. You don’t have to worry as to how much to distribute and to whom to hand over their wealth, let your solicitor guide you each step of the way.

If you document your decision regarding finances, investments, assets it can be enforced after you are gone. You may want to hand over your precious property to your family, children, colleagues or neighbours after you die, but the details need to be formalised and documented. You need to make use of a proper estate planning tool by analysing all your present, past and expected personal circumstances.

Take a while; be sensible because these have to be carefully thought out decisions. The debts and taxes to be paid up cannot be pushed aside. The deceased person’s property needs to be dealt with, money distributed appropriately and the estate handed over to the beneficiaries who are entitled to it at the correct time through a legal entity.

Who will deal with these financial and estate planning details once the owner is gone? All this can be done easily by taking legal advice from an attorney who can open a Revocable Living Trust to keep your money and property safe to hand over to the deserving people after death of the grantor or trustmaker. The assets are managed in the lifetime by the grantor with the help of the attorney.

The trust is created during the grantor’s lifetime and the assets protected in case of old age, illness, incapacitation, debilitation or disability. The living trusts can be amended or revoked at the desire of the grantor. Specific provisions regarding investments and spending of finances during the lifetime of grantor need to be mentioned in the trust formation documents.

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