WHEN IS THE BEST TIME TO SET UP YOUR TRUST?
The question of when to begin thinking about your property after your death is a difficult one for most people. Thinking about death is uncomfortable for many individuals, and considering what will happen to all your property after you are gone can be stressful. Stress is not the only reason that people may wait to go about planning for their property after death. Many people feel that if they have a small amount of property, there is not really any need for them to leave instructions about how to distribute what they have.
What people do not realize is that planning your estate is something that you can take care of early in life, and once this is done, you are done; you do not have to worry and you do not have to stress. Creating a trust is easy, and with sthe right attorney, an affordable option for those who wish to make sure that their heirs and descendants have the simplest time possible when managing the assets of their departed loved ones.
A trust is an entity that is created during the life of a person to hold all of their assets. Like a will, a trust has explicit instructions that direct your representative, also known as your trustee, how to administer your property. A trust is different and superior to a will. Unlike a will, you do not need to open probate with the courts to effectuate and act on the provisions in a trust. If you have any property or money held by an institution, such as a bank, you will need a trust or you will need to open probate to access that money after the owner dies.
Having a trust established early in life can make administering your assets a much more approachable idea. Instead of having to think about all your assets at once, you will have a set of instructions that will apply to all of your basic property. As you acquire more property, such as a home, you can easily deed the home into your trust. When people buy a home, a deed is prepared transferring ownership to them. The deed is then recorded with the County Recorder’s Office. To put real estate into a trust, the home must be deeded to the trust. The deed must be recorded just like any other transfer. If a person were to have a trust already in place, they would simply request that the purchase be deeded into their existing trust.
The Law Office of Andrew Szocka, P.C. understands the desire to ensure that everything is taken care of for your family and friends both during your life and after and offers a trust package for those wishing to address all of their needs. In addition to a trust, we will prepare your will, and powers of attorney for both property and healthcare. These important documents are something everyone should have as they are required to administer your estate and make decisions for you when you are unable to make decisions for yourself. With our trust package, you have assurance that whatever happens to you, be it death or incapacity, your assets and property will be properly taken care of.
If you wish to take the steps to protect your assets and get your plan for the future in order, please contact the Law Office of Andrew Szocka, P.C., at 815-455-8430 or email us at info@szocka.com to inquire about our affordable trust package.