Kent area residents who are thinking about estate planning may want to spend some time investigating separate trusts. There are often many benefits for married couples who create separate trusts in their estate plan.
When people think about what will happen after they die they typically hope that other people remember them for a long time. No one wants to be forgotten. Establishing an estate plan that includes a legacy of giving, along with passing assets to an heir, can be a wonderful way to ensure a person's name lives on long after the person gone.
Many Seattle area residents use a revocable trust as part of their estate plan. Revocable trusts transfer assets from individuals into a "trust'" where they simplify a person's assets.
Kent area residents often believe it's important to support their favorite charities. Charitable giving can also be part of estate planning. Once people take care of their heirs via their estate plan, they may consider establishing a legacy of giving.
One important part of financial planning for Kent residents is estate planning. After working hard to build a strong portfolio. it is important to have a plan in place for asset preservation. So would a trust make sense in your situation?
Washington family dynamics can always be a source of frustration for parents and their kids as well. Death is a difficult topic for anyone to talk about, but when family drama is brought into the situation, it can be commonly ignored. Estate planning is a critical topic to discuss with your family, but how can you discuss this commonly ignored topic?
Many Washington residents think that estate planning is for the very wealthy. But, estate planning is for everyone. The purpose of estate planning is to give what you want to whom you want and paying the least amount of taxes and expenses. An estate includes everything that you own or have control over. This can include property, retirement accounts, life insurance, business, personal property, etc.
Residents in King County may know how important estate planning is. Estate planning can help protect your assets, carry out your wishes if you become incapacitated and protect the best interests of your family. A well-prepared estate can make sure your wishes are carried out and your loved ones are protected when you're gone.
Washington estate planning tools often focus on trusts as part of the plan. A trust is a way for an individual to distribute property by transferring its benefits and obligations to different people. When a trust is created, the owner or "trustor" or "grantor" transfers the legal ownership to a person, a "trustee," to manage for the benefit of another person, the "beneficiary." The trustee is responsible for acting in the best interest of the beneficiary.
Estate planning can be unique to each individual and there are many estate planning tools available to meet different circumstances and needs. There are different types of trusts that may be set up for different purposes. According to one expert, trusts may provide greater asset protection and control over the distribution of assets, even including following death. Another benefit may be that, in general, living trusts are not subject to probate. A revocable trust may spare the family the publicity of a will and allow privacy to be maintained.