TRUSTS – WILLS, TRUSTS & ESTATE PLANNING
Estate Planning is basically managing your assets and planning how these will be divided after your death. A Will is an official document that conveys how you want your estate to be divided after your passing and forms part of your estate planning.
TYPES OF TRUSTS
There are many different types of trusts, but the two most popular are the Revocable Living Trust and the Irrevocable Living Trust.
When using a Revocable Living Trust, probate is avoided upon the Grantor’s death, saving anything from thousands to tens of thousands of dollars and months of time for the loved ones of the deceased. A Revocable Living Trust can be amended or cancelled at any time.
When using an Irrevocable Living Trust, the same protections against probate apply as with a Revocable Living Trust, but it also protects against Estate Taxes and Creditors (with some exceptions). As the name implies, this trust is irrevocable. Although, in many situations this trust is still revocable, but just much harder to revoke or change.
Trust vs. Last Will
Both a Living Trust and Last Will determine how your assets are to be dispensed and divided after your death. This includes details such as who will inherit your belongings and pets, and who will be the legal guardians of your children.
After one dies, his or her Last Will must be “probated” before the assets can be specified in the Will. This is a costly and time consuming process. Probating a will can often take up to six months, and costs over ten thousand dollars to complete. This results in your loved ones not having immediate access to your assets upon your death.
On the other hand, unlike a Last Will, a Living Trust is treated as a separate legal entity. When a trust is created, all of your assets are placed into that trust. Upon death, probate is therefore not necessary, saving your loved ones money, stress, and time.
How Roman Kuzmin Can Help
Roman Kuzmin will first help you decide how much control you will have over your assets and property during your lifetime. There are various of Trusts to consider when doing financial planning. The 2 major types of Trusts are Revocable and Irrevocable. Roman Kuzmin will assist you in determining the ideal type of Trust in your unique circumstances.
Various Options in Estate Planning
Revocable Trusts are a good tool to create plans for your assets after you pass away. A Revocable Trust set up the right way will immediately turn into an Irrevocable Trust managed by the trustee. This means management can continue, even if you don’t have a formal court order. The process is made to be very smooth and unnoticeable, making for a much more private means of distributing assets.
Under specific instances you may want to set up an Irrevocable Trust. This would ensure that aid for the recipient would continue. This also helps to ensure that creditors have a lower ability to affect any assets.
Trusts are a useful tool to ensure that after you pass away, your wealth will be distributed the way you want it to be. This can be used to skip a generation and give your wealth to grandchildren. It is also useful to ensure that the wealth is given responsibly through a trust fund.
While there are several contributing factors that play a role in the option that you choose, Roman Kuzmin can help you by explaining in detail the benefits associated with each option. This legal process is important as it ensures that your assets and property are given over to the correct individuals in a timely manner. Keep in mind your estate manager must be a citizen or resident of the US. Also remember to select someone who is trustworthy, intelligent, and responsible.
The Takeaway
While planning your estate can seem like a daunting and complex process, Roman Kuzmin will use his knowledge and expertise to simplify it for you. Having Roman Kuzmin alongside you is ideal as he will help you avoid and overcome any roadblocks that arise during the process. He will help you create a plan that best suits your interests and that will leave your estate with the highest possible value and the lowest possible expenses. Your family’s future, assets, and properties are all in good hands when you work alongside Roman Kuzmin.
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