Wills and Trusts for Families and Couples
Couples and families do not usually go to a lawyer to have a will or trust done since it is complicated or they believe that they do not need it. However, if you have an estate plan in place, you will have peace of mind knowing that your loved ones will not be burdened by legal and financial issues. It is important to understand the basics of wills and trusts before you are able to make decisions about when you need to protect your family or if you are newly married or have a family.
Every Family Needs a Will – Here’s Why
Everyone should have a will because of the following reasons:
You may not know that having a will is a way of nominating a guardian for your children, and therefore, you can choose who you want to take care of your children if anything happens to you.
Here are the other major advantages of having a will:
• It is protective of your loved ones. It prevents family feuds: A will is a clear instruction to your loved ones on what you want done with your properties, and it helps to avoid confusion. It allows you to nominate a guardian
• It simplifies the probate process. If you die without a will, the state will decide how to divide your properties, and this may not be what you desired.
Understanding Trusts
A trust is more versatile and more active than a will.
Here are the different types of trusts you can choose from:
- Revocable trust (living trust): Here, you can still own and use your assets during your lifetime and transfer them to your heirs with or without probate after your death.
- Irrevocable trust: This type of trust is one that cannot be altered once it is established. But it does offer some advantages when it comes to taxes and asset protection.
Why Should You Consider a Trust?
A trust can help your assets to be delivered to your beneficiaries without having to go through the probate process and in a shorter time than with a will.
While a will is a legal document that is used to outline the distribution of assets, a trust is not a public document and therefore, it does not disclose the financial information. It also ensures that one more time your children receive the assets you bequeath them in a way that ensures they are used appropriately, especially if they are still minors.
Besides that, based on the type of trust, it can help you save on taxes and thereby reduce the amount of estate taxes that will be paid, leaving more money for your heirs.
Which Option is Right for You?
The answer to this question is that for many families, both a trust and a will are required.
Each serves a particular purpose and it can therefore be advisable to seek the opinion of an estate planning attorney to come up with the right plan for you.
Estate planning is for everyone–it is important for every family and couple. It is always better to worry about these matters later and make your loved ones’ lives easier after you are gone. So why not do it now and give your family some peace of mind?
Contact a professional like Oklahoma attorney, Kevin L. Miller, PC.
He has more than 35 years of experience assisting all kinds of families and individuals.
He says, “To me, estate planning is not only about property and funds. It is about planning for, providing and caring for you and your family in the present and in the future.”
In life, people plan for the future, which means that in old age, there will be peace of mind and security for the family. Interest in the topic begins with a comment, so please contact us at (405) 443-5100.