Trusts are flexible

Trusts are flexible, varied and complex. Each type has advantages and disadvantages, which you should discuss thoroughly with your estate-planning attorney before setting one up. Such a plan should include the trust setup, a will, a living will and a health-care proxy.

Please note that assets you want protected by the trust must be retitled in the name of the trust. Anything that is not so titled when you die will have to be probated and may not go to the heir you intended but to one the probate court chooses.

However, for a trust in which you want to put the majority of your assets, known as a revocable living trust you will also need a "pour-over will" to cover any holdings that might be outside of your trust should you die unexpectedly. A pour-over will essentially directs that any assets outside of the trust at the time of your death be put into it so it can go to the heirs of your choice.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C. can prepare all your estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At http://www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
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