Estate planning allows people like you to protect the future of your property. Whether it’s comprised of real property, cash, or other tangible assets, estate planning ensures your property is handled in the manner you want. It will also ease the transfer of assets to beneficiaries at an appointed time. Often times, that appointed time is upon the death of the grantor, which is the person or people who own the assets being protected. But those assets also could be transferred at a later time, such as when a child reaches a particular age, graduates college, or gets married, for example, when some or all of the protected assets are distributed.
Wills and Revocable Trusts Help Protect Assets
The most common ways you can protect your assets is to create either a legally binding will or a revocable trust. With a will, you formally determine how you want your assets distributed upon your death. So long as formalities have been met, there should be relatively few entanglements when transferring assets to beneficiaries upon death. A revocable trust operates differently and requires the grantor to appoint a trustee to manage the assets in the manner you determine. Most people will name themselves as trustee, but having another person as trustee can help in case you somehow are rendered incapable of managing them. Unfortunately for many of my clients that occurs as a result of Alzheimer’s disease or dementia, but a tragic accident could trigger the same result. While such instances are less common, having a revocable trust will help to protect property will benefit both you and your heirs.
Smoother Asset Transfers With Estate Planning
The decision to use a will alone or in combination with a revocable trust is easier to make when getting the proper legal assistance. An attorney trained and skilled in estate planning and asset protection can help you to better determine the best route to take and ensure your assets are protected for future generations.
Which assets would you most like to protect for your family?