Plan Your Estate Well by Setting up a Living Trust
Depending on the situation, a trust can be an important estate planning tool. A trust is a legal arrangement which facilitates the transfer, management, investment, and disposition of property and/or its income. With a living trust (one made during your lifetime and to take effect during your lifetime), you will use all of the dispositive language that would normally go into a will and place it in this living trust. A trust is created when someone (called a grantor) transfers legal title of property to a second party (called the trustee) who also acquires the responsibility for carrying out the written terms of the trust for the benefit of a third party or parties (called beneficiaries). The grantor also may be the beneficiary or one of the beneficiaries.
The Trust Document
In general, the written trust document should state: (1) how trust assets are to be managed and invested; (2) who will receive income produced by the trust (how and when); (3) who will eventually receive the assets included in the trust (how and when); and (4) the name of the trustee and define trustee powers and responsibilities.
With a living trust, a successor trustee named by you will have the power to manage the affairs of the assets in your trust after you are able to do so during your lifetime and after your death without the need for initiating a probate proceeding. Your successor trustee will have the power to identify and value the assets which you put into your trust, pay all of your bills and debts, determine and pay any taxes that are due and make the final distribution of your trust assets without being appointed as your personal representative or fulfilling all of the duties required by a probate court. This saves both time and money to for your heirs.
For Those of you Living in Northeast Nebraska
The Reimer Law Office can work with you to fulfill those responsibilities to see that the affairs of your loved one are properly handled. THERE IS NO CHARGE
for the initial consultation at Reimer Law Office PC LLO.