Most people worry about what will happen to their loved ones and their assets once they pass away. In an attempt at protecting their family, most people make a simple will and call it a day. What they fail to realize is that a will does not provide the level of protection or security they believe. For instance, if you leave a will, your family will not be able to access your assets until the will has gone through probate.
Probate is the legal process of transferring your assets into the names of your beneficiaries. This can be a long and costly process. In the meantime, your family is without the benefit of your assets, which can lead to problems such as bills not being paid on time, etc.
So, what can you do to really protect your family? Below is a summary, but call no for a free consultation with Attorney Jessica Mishali, at the Law Offices of Stephen J. Press, for a free consultation.The solution is to establish a revocable living trust.
A revocable living trust is a legal entity which holds ownership of assets for the benefit of the named individuals (the beneficiaries). The person creating the trust (you) is called the trust maker or the grantor. The person administering the trust (also you) is called the trustee. When the trust is created, your assets are transferred into the trust and you, as trustee, can administer the assets for your own benefit, during your lifetime. Upon your passing, a successor trustee (appointed by you), steps into your shoes to administer the assets for the beneficiaries. And, just like a will, you can make changes to the trust at any time.
The revocable living trust is formed by a legal writing which the Law Offices of Stephen J. Press can expertly craft to fit your unique situation.
What are the advantages of a Revocable Living Trust over a Will?
- Avoid Probate
Perhaps one of the greatest advantages you can give your family upon your passing is the ability to bypass probate. Bypassing probate means that your family has access to your assets immediately. There is no waiting for the court system and no extra expense of hiring an attorney to guide your family through the process. A will cannot bypass probate.
- Protect your privacy
When a will goes through probate, those records become public. Yes, this means that anyone can see what you left, how much, and to whom. On the other hand, with a revocable living trust, the only people who have access to your wishes are the beneficiaries and the trustee, so your information remains private.
- Account for your mental incapacity
A revocable living trust is created, funded, and managed while you are still alive. So, if you become mentally incapable of administering your affairs, your successor trustee can step in and manage them. This means that you can ensure your assets and your health care is managed according to your wishes. A will does not provide protection in the event you become mentally incapacitated.
- Protect your assets
A traditional will distributes your assets without any consideration of the circumstances of the beneficiaries. But, with a revocable living trust, you can control the amount and timing of distributions. You can even set conditions of distribution such as “upon graduating college,” “upon marriage,” or “as long as the beneficiary is drug free.” This gives you great flexibility in tailoring your asset distribution to meet the needs of each family member. Most commonly, this protection is established to slowly distribute assets to children so that they don’t spend it all during their younger, less mature years. Additionally, beneficiaries experiencing major life events such as divorce, bankruptcy, or a lawsuit can keep the assets safely in the trust.
Call Attorney Jessica Mishali, at the Law Offices of Stephen J. Press, today and make sure that you and your family are protected.Don’t settle for a simple will.
While most people think a will is adequate planning, this is far from the truth. There is much more you can be doing to protect your family. At the Law Offices of Stephen J. Press we can help you cover all the bases. Don’t leave the care of your assets and the well-being of your family at the mercy of a standard, form will. Call an experienced attorney at 561-833-2772 or contact us online for a free consultation.
The Law Offices of Stephen J. Press handles all matters of estate planning. We always strive to protect your rights with professional excellence. Our West Palm Beach office will gladly consult with you, initially, at no cost either by telephone or appointment. Please contact The Law Offices of Stephen J. Press at 561-833-2772 for a free consultation or contact us online.