Jacksonville Living Trust Attorney is here to Protect Your Loved Ones and Yourself
You may have a will, but what about a revocable living trust?
Most people think of estate planning as planning for what happens after they die, but rarely do they consider what would happen if they became severely ill. After all, if you were too sick to make decisions on your own, or if you were incapacitated, what would happen?
Revocable living trusts do more than just allow your estate to pass through without probate. In fact, they protect you long before your funeral.
Preserving Property for Certain Beneficiaries
Sometimes, a beneficiary is not ready to take on an inheritance. Perhaps they are too young, or maybe they are not mature enough to manage money. With a living trust, you can preserve the property willed to beneficiaries and ensure that it is used wisely (and how you intended when you gave it to them).
Minors cannot own property, and the state will not allow a minor to inherit property. Therefore, if you want to leave your property to your minor children, you must use a living trust to hold that property for them until they are legally allowed to accept it.
Managing Your Estate due to Incapacitation
If you were ill or incapacitated, who would make medical decisions on your behalf? Who would pay the bills and handle the estate?
A living trust is a perfect solution for this very situation. You assign a successor trustee to take over if you are too ill or if you become incapacitated. This successor can be anyone whom you feel is responsible enough to manage the family trust.
Your revocable trust is more accepted in the legal and medical community; therefore, you do not have to worry about the court ignoring your requests. To protect yourself, you may want to include a durable power of attorney. That way, if you do not have all your property included in the trust, a power of attorney has the authority to transfer it for management.
Avoiding Conflicts and Contests
No one expects beneficiaries to challenge their will, but it happens when emotions are high and people are tempted with money – especially if there are large volumes of assets. To avoid will contests and conflicts among family members, consider a living trust.
The living trust ensures that disgruntled family members cannot purposely waste assets while trying to gripe about every disagreement they have with your estate plan.
Protect Your Loved Ones and Protect Yourself: Speak to an Estate Planning Attorney
If you want a well-planned estate, you need to talk to an estate planning attorney and combine the protective powers of a will with a durable power of attorney and revocable living trust.