As you read this you take in a big gulp of fresh air without even thinking twice. You’re alive. You’re busy. You’re participating in the daily grind.
At a time like this why would you even be thinking about death? With that, instead of talking about death, let’s talk about living. Living Trusts, that is.
First and foremost, what is a living trust?
A revocable living trust is a written agreement designating someone to be responsible for managing your property. You create this trust while you are alive, hence living. And you can change or cancel the trust at anytime time, also hence revocable.
Who is involved with a living trust?
A living trust involves four parties, you, the trustee, the person you are designating to be responsible for your assets, the beneficiaries and the attorney who will be assisting you in creation of this trust.
Michael Wild, managing partner of Wild, Felice and Partners specializes in these agreements and can assist and answer any additional questions you may have.
Benefits of a living trust:
The benefits far exceed the minimal time it takes to set up a revocable living trust. Here is why:
Avoid Probate: Avoid the long, arduous and costly process of probate by setting up a living trust. In fact, did you know that probate can cost up to 10% of the value of your estate? That is enough to make you pick up the phone and call Michael Wild immediately. (But really, our number is 954-944-2855).
Tax Reduction: Raise your hand if you like taxes! While you keep both your hands firmly by your side, you should be glad to know that living trusts could save your family hundreds of tax dollars.
Reduce Court & Attorney Fees: And the money benefits continue…a living trust helps you save on attorney fees often charged during the probate process.
Control: Even after your last breath, you have exact knowledge of who will receive your assets, how they receive it, when they get it and even how they use it.
Privacy: We all hear of celebrities forgetting to execute a living trust, as a result their private assets are now available for all to see. Whether your Philip Seymour Hoffman, Robin Williams or John Doe, who wants everyone to know your private money matters?
Revocable: That’s a great word, it rolls off the tongue so nicely, don’t you think? It also is great for a living trust; allowing the individual to change or amend their trust anytime. Well, unless you are dead… and that would make a great sequel to the movie Ghost.
To learn more about Revocable Trusts visit our website at www.wfplaw.com, you can also schedule a free consultation at http://wfplaw.com/Contact-Us.html
Take a nice deep breath, because we are here to help.