A WILL is a legal instrument containing your instructions and wishes as to how you would like your property and assets distributed after your death. Every person with assets should seriously consider a will. A will should not only be for people who have reached an age where death is not far away. People die at all ages and a will is needed especially if you have assets and property to be allocated to those you wish to benefit. However, more than 2/3 of Americans die without even a simple will in place.
A will is also the expression of the person’s wishes concerning how their property is to be distributed. It is a written statement, signed in compliance with the various formalities covered by legislation. It is a legal document containing the names of the people you want to benefit, as well as details of your possessions at the date of your death. The people you want to benefit are called beneficiaries.
Your property or possessions will include everything you own, such as your home, land, vehicles, bank accounts, benefits of insurance policies, furniture, boat, investments such as shares, personal jewelry, artwork, and so on. A will is the only way you can ensure your assets will be distributed according to your wishes after your death. However, a will alone does not protect from probate. A living trust is needed to protect your assets from probate. A living trust is also known as a revocable living trust or a family trust and it is a legal document that holds title or ownership to your real property and assets. When you create a living trust, you transfer ownership of your assets to the trust.
To many, the living trust looks a lot like a will. It includes the details and instructions on how you want your estate to be handled at your death. However, unlike a will, a properly funded living trust does not go through probate, prevents the courts from controlling your assets at incapacity, and gives you control over the assets you leave to your minor children or grandchildren.
When the assets are in the name of the trust, there is no need for probate since the estate is now controlled by the successor trustee of the trust. You or you and your spouse can be the primary trustees receiving full control to buy, sell, borrow or transfer in the case of a spouse’s death. After both spouses pass, the trust identifies the person who will act as successor trustee. The revocable living trust can give you a great amount of flexibility. With it you can name anyone over the age of 18 to act as trustee, maintain full control of the assets in your trust (the same way you do now), manage your taxes as you currently do, and change or modify the terms of your trust any time. A critical part of estate planning is creating documents that outline your wishes for distributing your assets after you die. Evangeline Giron Financial & Legal Group can assist you in creating a properly drafted living trust for your estate needs and protect your family.NOTE: Evangeline is not an attorney nor does she provide legal advice. She prepares legal documents at the specific direction of the client. At your request, she can file your legal documents at the appropriate court. She is a Legal Document Assistant (LDA # 397, registered and bonded in Los Angeles County, expires 3/23/2011). For additional information, please check her website at www.evangelinegiron.net.
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Evangeline can be reached at her marketing location at the Ground Floor of Eagle Rock Plaza (in front of Jollibee), 2700 Colorado Blvd., Los Angeles, CA 90041 or at her business address at 655 N. Central Ave., 17th Flr., Glendale, CA 91203, phone number (323) 356-3803 or (323) 254-6787.***
The purpose of this article is to provide information of general interest to our clients and prospective clients. The information provided is general in nature and should not be considered complete information on any product or concept described.
( Published on April 25, 2009 in Asian Journal Los Angeles p. C4 )
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