Creating a trust into which to put your earthly assets is viewed by many people as a hugely important step towards keeping their most valued property in the hands of family and friends. A trust, distinct from yet compatible with a last will and testament, will be for many people an essential part of putting their affairs in order as they prepare to “depart the mortal realm”. Although talking about death in such matter of fact, technical terms is something that people are often loath to do, as one gets older it becomes all the more important to take on board the realities and the transience of life. A major part of that is looking at ensuring that one’s assets are handled correctly. Here are some reasons why people choose to create a trust for that purpose.
1. Creating a living trust allows the individual to manage their property while they are still alive. In addition to that, it allows a person to nominate individuals to do the same up to and after their death. In doing this using the relevant legal channels and entitlements, it is possible to keep any legal vulnerabilities to a minimum and avoid expensive, time consuming legal processes after death. At the base, the idea of a living trust is to keep property with the family and friends, the inner sanctum of an individual.
2. Creating a trust has some notable advantages over making a will. If one simply makes a will, the document and the provisions contained therein are subject to probate, which can see a long and often upsetting delay in the provisions being legally ratified. As well as this, by creating a trust it is possible to remove or minimise the consideration given to inheritance or estate tax – something which in the case of valuable estates can rise into the high figures, and leave some of the beneficiaries with very little.
3. The creation of a living trust is something that is considered important when a testator owns more than one piece of property. In the case of an individual who owns two or more houses, each property will be subject to probate in the case of death. This is something which increases the amount of time taken up by probate and which can also result in the loss of value in their estate. By creating a living trust, this step can be minimized and often removed altogether.
4. By creating a trust it is possible for a testator to nominate a legal guardian for any minor children in the case of their death. This can also allow the testator to specify any provisions for certain points in the life of their child whereupon they will be entitled to any cash or property assets which are held in trust – thus paying for school fees or allowing their child to have a house of their own on reaching a certain age. This step allows parents who do not have long to live to ensure the security of their children after their death.
Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter.
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