Estate Planning – What You Need to Know

May 20, 2020
By
Devin Carroll

The legal world is specialized. Unless you are trained in the field of law, you will probably never need to understand the mechanics of legal procedure. There is one area of law, however, that affects almost everyone, no matter what you do professionally: estate planning.Over the course of a lifetime, individuals accumulate assets. Assets are the things you own that have value. These things include vehicles, stock portfolios, properties, money, and more. After someone passes away, interested groups will likely begin to wonder what to do with what is left behind. Family members, business partners, and close friends may all have an interest in securing those things for themselves. The government also taxes these assets according to their value. If you want to avoid this battle over assets, it's important to plan accordingly. This ensures that your funds are distributed where and how you want them to be.

Trusts

Establishing a trust is a key element in appropriately planning. A trust is a three-party relationship that ensures that an individual’s assets are dispersed the way they want, even after they die. Individuals seeking a trust nominate a trustee. A trustee is a person to act in their behalf after they die. This person is responsible for all the financial affairs and assets of the person seeking the trust. Trusts do two important things:

  1. They remove a large portion of the taxes that would otherwise need to be paid after your death. You can save thousands of dollars in taxes by transferring the legal title of your assets to another living person.
  2. They authorize the trustee to distribute your assets after you die, according to the terms and conditions you have included in the trust. This distribution is done privately, without a court and without unnecessary fees.

How Sumsion Business Law Can Help You

Trusts aren't for everyone, but we recommend you consider options within estate planning that are right for you. Whether you need a family estate plan or business plan, we have the professionals and the experience to assist you. Let us help you plan responsibly for your future and for the future security of those you love.

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