Keeping track of income and expenses is essential, even if you don't own a business. And if you do own a business, things get even more complicated. There are paychecks to issue, taxes to track, and subcontractors to pay out. All of these details are a whole lot less challenging when you hire an accountant to oversee them. However, it is still important to know a little bit about accounting yourself. Dig into the articles on this website, and you'll gain a better understanding of accounting principles, what services accountants really offer, and the benefits of hiring these professionals to assist with your finances.
If you have decided that this is the time to start considering your final plans, it's important for you to be proactive about choosing the best possible way to manage your estate. For many people, that means establishing a solid trust to manage their assets. You might wonder if a trust is the best option for your situation, or if maybe a will is enough. The truth is that most estate planning attorneys will tell you that a trust is often the best choice. Here's a look at a few of the reasons why a trust might be your ideal solution.
Precise Control Of Your Assets
One thing that a trust offers that a will does not is more precise control of your assets. For example, if you want to ensure that your young grandchildren don't receive their inheritance until they are old enough to manage it responsibly, or you're concerned about ensuring that a child's college fund is only used for tuition, you can specify those restrictions with a trust. You can't do that with a will.
Solid Plans For Incapacitation
For many people, an estate plan is about final asset distribution and such to be followed in the event of your death. However, you should also take some time to think about what should happen if you're ever incapacitated and unable to make decisions for yourself. With a trust, you can clearly define who will make decisions for you and what your preferences are in the event of incapacitation of any kind. That way, you can rest easy knowing that your wishes will be carried out no matter what might happen to you.
You may not realize that, even with a will, your family will still have to complete the probate process to verify the will's validity and ensure that everything is complete and accurate. However, if you opt for a trust instead, that gives you the ability to bypass the probate process because trusts don't go through probate. That means your family will get access to your estate much sooner than they would otherwise, which can be important if they need funds from the estate to pay for your funeral services.
These are just a few of the many reasons why you should be planning on creating an estate planning trust with your estate planning attorney. Talk with your estate planning team today for more tips and to get started on building the trust that you need.