Exposing Some Myths About Planning For Your Passing
Planning for your death can among the more confusing and unpleasant tasks that you will need to do, but it is essential for minimizing the stresses that your survivors may encounter. In particular, it is important to make sure that you are taking some steps to handle the distribution of your assets. However, this can be difficult to do if you believe the following couple of myths about this process.
Myth: Having A Will Prevents Your Estate From Going Into Probate
Many people will want their families to have to avoid the inconvenience and expense of going through the probate courts. Unfortunately, these individuals may assume that having a will is sufficient for avoiding this. However, probate court is designed to validate the will and oversee its execution.
In order to avoid going through probate court, you will need to create a living trust. This will allow you to avoid the need to go through probate as the trust is considered a separate legal entity that will continue after you pass. Additionally, you will be able to establish the rules for distributing the trust after you have passed.
Myth: Only The Rich Can Create A Living Trust
There are many individuals that may assume that the creation of this trust is only for those that are wealthy. However, if you own a home, car and other large assets, you may benefit from the creation of one of these trusts. An experienced probate attorney will be able to help you determine whether the creation of one of these trusts will be a suitable option for your need.
Myth: You Will Not Have Access To Your Assets In A Living Trust
Some people will assume that they will not be able to utilize the assets that are in the living trust. However, this is not the case because you will still be able to retain full control over the assets. Additionally, you will be able to alter the rules for what happens to the assets after your death.
Understanding the steps needed to plan for your passing is critical for ensuring this experience is as stress-free as possible for your loved ones. By knowing that a will does not prevent the need for probate, that a living trust can be viable for middle-class families and that you will retain full control of the assets in the trust, you will be far better able to make sound choices during this solemn planning process. Visit a business, such as Wilson Deege Despotovich Riemenschneider & Rittgers, for more information.