Category: Lifestyle

Lifestyle

When is a Family Trust Right For Me?

The strategies used for estate planning will vary from one family to another. What works fine for the people living across the street may not be the right approach for you. When it comes to the idea of establishing a family trust, it helps to look closely at how it works and what it can accomplish. Here is some information that will help you decide if this type of trust should be part of your planning.

How Does It Work?

A family trust involves identifying specific assets and placing them into what is known as a revocable trust fund. Effectively, you are giving up the right to manage those assets and making them the property of the trust itself. From that point on, the administrator of the trust will manage the assets, hopefully in a way that causes them to increase in value.

When you pass away, the administrator is charged with following whatever instructions were contained in the founding documents for the trust. That could mean continuing to manage the assets while providing a living allowance for a beneficiary. It could also involve handing over all the assets to the beneficiary if that’s how the trust was structure.

Protecting Loved Ones From Themselves

One of the main reasons to consider a trust as part of your estate planning has to do with how well your loved ones manage their money. If your spouse tends to spend indiscriminately, choosing to provide a specified lump sum payment after your death will provide the funds to settle pressing expenses. After that, the administrator can provide a monthly stipend that makes sure the spouse has money to pay the mortgage, manage the utilities, and purchase food. In this manner you can continue to protect the spouse from those spendthrift habits.

Wanting Some Assets to Avoid the Probate Process

Some wills can be probated quickly while others will require more time. In the interim, no one has access to those assets. Choosing to use a family trust does allow loved ones to receive some benefits from a portion of the estate, according to an attorney for Family Trust in Portage, Michigan. An estate planning professional can help you determine which assets can be placed in the trust, and how many need to be included to get the family through the probate process.

There are several other scenarios that would make the creation of a family trust worth considering. Take the time to go over the pros and cons with someone who knows estate planning well. Discuss possible situations that could arise within the family and discuss how a trust would help keep things simpler. If you believe this addition to your planning would be helpful, rest assured all the details can be worked out without a lot of difficulty.

14Feb
Lifestyle

Writing Career for Freshmen: Top Freelance Jobs to Try From Home

Many of us dream of making a career in such a field that allows you to have flexible timing as well as the freedom of working from home. Freelance writing is considered as one of such profession that only...

07Feb
Lifestyle

It’s Time To Heal The Divisiveness In The Family by Playing Online Bingo This Christmas

Throughout the year, your family might have gone through a lot. As a result, you have become more divided than ever. There are family members who are not talking with each other. There are others who have...

25Jan
Lifestyle

Top 10 Greatest Books Which Will Make You Productive and Motivated

There are a lot of options for the readers willing to find the books on productivity and motivation, but here we are listing the top ten books of all time. These are still popular and will remain so...

IPTV subscription
20Jan
LifestyleTech

A Simple Guide On IPTV Subscription

Are you interested in subscribing to an IPTV provider? This digital trend is only becoming more and more popular as millennials are choosing to sign up to an IPTV box subscription instead of a tradition...

large-boxes
17Jan
Home ImprovementLifestyle

Moving Home: The Big Brown Box Guide

As you will know moving boxes come in a variety of sizes and strengths, therefore, buying the right amount for you move is incredibly important.  There are a number of ways you can keep your items safe...