While the process of arranging a family trust is relatively simple, it is advisable to get help from a real lawyer. Often, people are not sure about the legalese contained in the documents and how to go about the process of their trust funds.
Working with an experienced law firm can simplify the process and make everything complied with state law. They can also provide guidance on methods to reduce estate taxes. You can find more information about trust fund planning via http://www.tabifa.com/.
The main reason to set up a trust is to avoid the probate process and simplify the process for executing real estate settlement. Probate is required to record the transfer of assets of people who die and settle any debts.
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The best way to avoid family upheaval and eliminate the potential to have a Will contested is to build trust. When the property ownership is transferred, the asset is no longer owned by the individual. Instead, it belongs to the trust and is exempted from probate.
Funding trust involves acquiring a new property title to transfer ownership. This can include getting a new title for automobiles, recreational vehicles, and real estate, as well as transferring the ownership of a bank account.
Married couples often decide to set up a trust so that they can maintain control of their property either individually or together. This allows each person to take the role of Trustees when their spouse dies. After death, spouses assume ownership of all property.
Trust offers a variety of benefits for all parties involved. They provide an additional layer of protection that can not be reached from executing the last Will. Also, transferring property to a trust is the best method to avoid probate.