I was recently involved in a car accident. Unfortunately, since it was my first accident, I was scatter-brained and anxious. What I did not realize at the time was that the actions you take immediately after the accident can affect a personal injury case and the outcome of that case. I wanted to find a way to share my experiences and mistakes with other. Since the Internet is so popular, I figured this would be a great way to do so. While you likely aren't planning on being in an accident soon, if you are, hopefully you remember some of the tips I share on this website.
Planning what will happen to your assets and property after you die does not have to be a burdening or morbid task. Looking at your efforts for estate planning as a way of ensuring your property and assets go to the people you want them to when you're not around is a good way to view it. If you would like to create a living trust as a part of your estate planning, learning more about it is important. Check out these facts about living trusts and how they might apply to you.
Choose A Trustee You Know Well And Can Count On
The person you choose as a trustee should be someone you know well and can count on for being dependable and trustworthy. The trustee named in your living trust will be the one that is in charge of your assets and property after you die for ensuring they are distributed properly to beneficiaries. Many people choose their estate planning attorney as their trustee if they have no friends or family they feel they can trust. Discuss this with your friends and family or attorney if you want one of them to be your trustee.
Assigning Someone To Manage The Kids' Inheritance
Many people want to leave their kids money and property. However, if you die before your kids are old enough to know what to do with their inheritance, having someone acting as their guardian until they are old enough is a good idea. When you make a living trust that includes minor children, you will need to have someone you trust act as the kids' guardian. The guardian will manage and care for their inheritance until they are old enough to take over it.
Property Title Transfers Are Important
In many cases, people with living trusts are their own trustees, a legal step in many areas. If you decide you want to be the trustee in your living trust, be sure to take care of property title transfers. Some people assume, because they are the trustees in their own living trusts, that they do not have to worry about title transfers. However, you will be required to transfer your titles to the trust in your name. Discuss property title transfers with your estate planning attorney so you will know the proper steps to take for your area.
When you know your loved ones will be cared for, you can experience a great peace of mind. Knowing your property and other assets are going to be in the hands of the ones you want them to be is another great feeling.