I’d first decide what assets you’d like to
transfer to your Trust. These would include investible assets such as mutual
funds, stocks, bonds real estate and perhaps Cash. I would suggest you name yourself as the
TRUSTEE and BENEFICIARY. As a reminder,
the TRUSTEE does the actual management of the trust. A good example would be you, as the Trustee,
buying and selling shares in a mutual fund.
It is always a good idea to name a Successor Trustee. This individual would take control of your
Trust upon your death and/or incapacitation.
The benefit to you is that when you pass
away, there will be no assets left in your name and consequently no probate,
delays and costs for your beneficiaries to endure. All your estate planning wishes will be
totally private.
There are other features not to be ignored.
In today’s society with numerous second marriages, your children from previous
marriages will be protected. This would
be applicable for children who may wish to take over your business
interests. Additionally, Revocable
Trusts are not easily challenged. As an
example, if there are any heirs upset with the tenants of the Trust, they will
have a more difficult time contesting your desires.
Next we will discuss IRREVOCABLE
TRUSTS. As in previous articles, I
stress that this is not Legal advice. This
report is designed to give you options to plan for the future of your business
interests.I’d first decide what assets you’d like to
transfer to your Trust. These would include investible assets such as mutual
funds, stocks, bonds real estate and perhaps Cash. I would suggest you name yourself as the
TRUSTEE and BENEFICIARY. As a reminder,
the TRUSTEE does the actual management of the trust. A good example would be you, as the Trustee,
buying and selling shares in a mutual fund.
It is always a good idea to name a Successor Trustee. This individual would take control of your
Trust upon your death and/or incapacitation.
The benefit to you is that when you pass
away, there will be no assets left in your name and consequently no probate,
delays and costs for your beneficiaries to endure. All your estate planning wishes will be
totally private.
There are other features not to be ignored.
In today’s society with numerous second marriages, your children from previous
marriages will be protected. This would
be applicable for children who may wish to take over your business
interests. Additionally, Revocable
Trusts are not easily challenged. As an
example, if there are any heirs upset with the tenants of the Trust, they will
have a more difficult time contesting your desires.
Next we will discuss IRREVOCABLE
TRUSTS. As in previous articles, I
stress that this is not Legal advice. This
report is designed to give you options to plan for the future of your business
interests.
