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A Trust, usually, is a legal entity that will hold title to property. There are three parties to a Trust agreement : the Trustmaker who creates the Trust, the Beneficiary who receives the advantage of the property held in the Trust, and the Trustee who manages the Trust. The property that is transferred to and held by the Trust becomes the Trust principal.
Planning your financial affairs, and coordinating this with your estate plan, is a very private and individual matter. You should decide for yourself the general purpose you want to achieve, and then talk with a seasoned estate planning attorney, finance consultant,
Planning your money affairs, and coordinating this with your estate plan, is a very private and individual matter. You should decide for yourself the general purpose you wish to accomplish, and then talk with a seasoned estate planning lawyer, finance consultant,
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Additionally, it’s not uncommon for both spouses to share childcare and household responsibilities. Upon the death of one spouse, the survivor might have to hire further help to look after dependent children and perform everyday household duties, in order to be able to continue working. Proceeds from the dead spouse’s life insurance policy can offer added funds to pay the cost of such additional costs while allowing the surviving better half the freedom to keep on working.
The final result of this process is a client who feels safe in the understanding that, in the event of death or incapacity, they have all their bases covered. Having achieved confidence that their future is well planned and in careful hands, they can get on with the business of enjoying their lives. For the lawyer, a satisfied and happy client has been added to the practice and another most likely lifelong and jointly rewarding relationship has started.
There are many planning options available and required for the dual revenue household. Inaction could prove pricey to you and your friends, especially in households that rely upon both spouses ‘ revenue. To discuss these and other problematical areas, contact a certified attorney specializing in estate planning. Do not be caught unprepared.
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