Trusts Vs. Wills, Which Is Best For You?:
With a trust, your property is held by a trustee that you appoint. This can be a company or a group of people, one or all of who can also be a beneficiary in your trust. If you create a trust, it is called a living trust, because you are still alive. You can have it revocable, which means that you can terminate or change it, or irrevocable, which means that once you set it up you can’t make any changes.
While you are alive the trustee has a responsibility to manage your property as you direct. When you die, the trustee can dispose of your estate according to your wishes or hold onto it for the benefit of your beneficiaries. This is especially true in the case of minor heirs who will receive the property when they come of age. With a living trust, you have a designated Power of Attorney in place if you should become incapacitated.
The Power of Attorney is an important part of a living trust because it designates a certain person to act on your behalf. You can have this to be effective immediately or only in the event that you become incapacitated and are unable to manage your affairs. Anyone who sells or buys something or your behalf must present the document showing that he/she has the authority to do this.
The advantages of having a living trust include:
- It does not have to go through probate
- It prevents the courts from controlling your assets if you become incapacitated.
- It provides you with control over how your assets are to be distributed.
You do not lose control of your assets with a trust. You are still alive and this is only a measure to protect the inheritance you wish to pass to your heirs when you die.
Even though a living trust is much more expensive than a will, it is the best choice to make because of the protection it provides for you, your estate and your heirs.
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