After decades of hard work and saving money for yourself and your family, it is imperative to establish a plan that cares for you and those you leave behind as you enter your golden years. Sometimes those golden years aren’t so golden and having established your wishes with a trusted attorney helps to alleviate the concern as you lend your strength and energy to managing your health. This is especially true when there are two or more surviving family members to whom you desire to provide your estate. Sometimes due to sorrow, jealousy, or greed your possessions may cause more harm than good when it comes down to survivors, charities, and who is handling your affairs.
Ensure Peace After Passing
It’s not a happy thought to imagine that after your passing, your children or extended relatives would disregard your verbal wishes concerning how you would like to divide your estate. The idea that everyone will collect around your memory and lovingly share what you have left behind is a wonderful thought. The reality isn’t always like this vision. Many times, death tends to bring about an entitled or selfish ambition on the part of loved ones. Sometimes unkind acts and augments often lead to bitter entanglements that hold up probate and cost many years and money as heirs battle over what you generously left for them to enjoy. In an effort to impart just what you want and to whom, it’s a wise idea to look into developing a trust. A trust from a respected law office like tully rinckey law, which handles these delicate issues, helps in many ways such as:
- Dividing real estate
- Dispersing monetary assets from accounts and investments
- Dividing personal property such as jewelry, furniture, and cars
Give To Whomever You Choose
Often, upon their passing, people desire to leave some or all of their assets to a charity or organization that is especially important to them. Numerous non-profits rely heavily upon such donations. There are many institutions that benefit greatly from generous benefactors. Whether your passion is an animal rescue, disease research, or higher education, it’s your choice and right to give freely in the manner you see fit. Establishing your wishes within a trust ensures that they are carried out after you are gone and cannot handle this dispersion for yourself. Seek out an outstanding attorney like Tully Rinckey, who has law offices across the nation to help put your mind at ease as you consider your options.
Sometimes family members don’t understand why their parents would give to someone else besides them. This is where a trust can safely establish your desires after you are gone.
Prepare Your Family
Unless you have selected a trusted family member or friend, you may wish to have a third party such as an attorney or bank to act as the executor of your will. This person takes all of your estate into consideration, paying outstanding debts, collecting fees, and then distributing to your beneficiaries what is left over and according to your wishes. This tends to be hard on family members following your loss, as they are now completely shut out of your affairs until everything is paid off, settled and properly divided.
Although this may not feel like the best situation at the time for your loved ones, when the process is done you can know that everything has been presented as you desired, and to whom. It’s a good idea to let your family know why you are establishing your trust and what to expect after you have passed away so they understand the process and are not shocked by it. Protect your loved ones and favorite charities by planning ahead with a trust you can feel good about.