Understanding Trusts and Wills
When you are still young and healthy, the thought of setting up a will or trust isn’t often something that crosses your mind. However, more and more young couples don’t have their monetary affairs in order, which could prove to be a problem if the unthinkable were to happen.
For example, consider whether you and your spouse are dual income earners and you both were to pass away in one accident. If both of your incomes supported the monthly mortgage, quickly selling the home to preserve the equity of your estate will be crucial. However, if your home is not placed in a trust, it will likely end up in probate, being foreclosed upon instead of quickly sold. On the other hand, if the home was put in a trust, then your trustee can put the home up for sale as quickly as needed, perhaps using the equity to care for your minor children or settle some debts, with zero court involvement or waiting.
Don’t make the mistake of believing trusts and wills are only for the rich and elderly. Failing to plan for your own death or disability can cause serious consequences for family or loved ones down the road. There is no wrong time to set up trusts and wills and entrust your assets are in the hands of those who you intentioned to receive them.
The Crucial Benefit to Financial Planning
Everyone, whether single or married, young or old, rich or broke, has belongings and assets that should be designated in advance. Regardless of where you are in life, it is important to think about your finances, possessions, and family.
Drawing up a simple plan can play a crucial role in determining where your assets go upon death or disability and can be one of the best gifts to loved ones or friends. Without a trust or will, a person may end up subjecting their loved ones, friends, and family to court proceedings that may be drawn out, emotionally distressing and expensive.
If you don’t have estate planning in place, the state will decide how your assets and possessions are to be distributed. Or, if you are rendered disabled, a court will dictate who will be responsible for your care and who pays the medical bills if you do not plan in advance. Worse yet for anyone who has minor children: a court will decide who gets to raise your kids. When parents put months and even years pre-planning where their kids go to pre-school, it seems unnatural not to plan who will raise your kids with all of your good intentions.
Whether you are setting up a standard trust and will which dictates how your assets and possessions are to be handled after your death, or are setting up a planning for the living which becomes applicable in cases of where you are alive but unable to make financial or medical decisions for yourself, having your wishes documented can help save family members money and wasted time in court.
Trusts and Wills Lawyer in Reno
An experienced trusts and wills lawyer can help provide guidance on setting up these documents in a way that best meets your needs while helping to prevent serious problems down the line for loved ones. Drafting a will and creating trusts are best done with the guidance of experienced legal counsel.
A lawyer can ensure that assets like bank accounts, stocks, and real estate are designated to go into trusts and that a will is established to make sure these assets go to whom they were intended. Many young people believe they have plenty of time to plan for this and often don’t have their financial affairs in order. Don’t fall into this mindset and provide peace of mind for yourself and loved ones by meeting with a trusts and wills lawyer.