Are you looking for a way to protect your privacy, avoid probate, and determine who can take care of your affairs if you’re incapacitated or when you’ve passed on? Then a Living Trust might be the tool for you. It’s an essential estate planning document since it provides an extra layer of protection to estates and gives the Grantor, also known as the trust maker, the added peace of mind that their interests are protected and their wishes will be honored. Here are a few questions you should consider before you visit a Brandon estate lawyer to create your Living Trust and other estate planning documents:
- What Assets Do You Want the Trust to Protect?
A Living Trust is considered funded and active once you place assets in its name. Most people put their house in the trust since it is their most valuable asset; a house can also be the one asset that will bump a small estate valuation to a large estate for probate purposes. You should also determine which financial accounts will go into the trust (solely-held accounts) and which should stay out (jointly-held accounts).
- Who Will Act as Your Successor Trustee?
A successor trustee is responsible for the administration of your trust estate after you’ve passed on and is also the person who handles your financial affairs if you are incapacitated or you no longer want the responsibility of handling your own financial affairs. The successor trustee is also typically in charge of managing the property or assets you decide to leave to minors in your trust, which is why it is so important that you choose someone who knows a thing or two about finances and who you can trust to carry out your wishes.Â
- Who Will Be Your Beneficiaries?
It’s your decision and yours alone as to whom you will leave a financial legacy for in your living trust. It’s also a decision that you must think about very carefully. Once you’ve made your decision, it’s a good idea to leave behind an explanation of your wishes concerning the matter – especially if you choose to leave out a family member who is otherwise expecting to receive an inheritance.
If you have any questions about setting up a living trust, or if you’d like us to review your existing living trust to ensure it still meets the needs of your situation, please give us a call at (813) 438-8503 to set up a consultation.