WILLS AND TRUSTS
When a person dies without a will, or intestate, the decedent’s property is distributed to their natural heirs, pursuant to the state law. The assets will all go through the probate process, which is costly and time consuming. To minimize inconvenience to one’s family and dependents, it is vital to have a Will in place, that will also distribute one’s property and assets according to their wishes, as they see fit for their particular family members’ needs.
Trusts are created for several reasons. In some situations, Irrevocable Trusts are created to shelter assets from the transfer tax of the assets’ future appreciation value. Revocable Trusts are often used to hold titles of all assets that one intends to pass on to specific individuals after their death. By transferring titles to the trust and naming the Trust Beneficiaries, one can avoid probate and ensure continuity of business operations and make the transfer of property and assets easier and faster.
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