At McGee’s Law, we believe it’s never too early to prepare for the future. Estate Planning ensures that you, your family, and your assets will be taken care of no matter what happens. Because every family has different financial backgrounds, family dynamics and priorities, Attorney McGee is committed to understanding your preferences before the planning process begins. We can prepare important legal documents such as Living Trusts, revocable trusts, and irrevocable trusts, to ensure that your wishes are put in writing and made official. Additionally, we have experience and advanced knowledge of the Probate process, Trust Administration, nursing home planning, Medicaid planning, GLBT Estate Planning, special needs planning, and all aspects necessary for your Estate Plan.
What is a Trust?
By definition, a trust is “the right, enforceable solely in equity, to the beneficial enjoyment of property to which another person holds the legal title.” In other words, a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary).
Requirements for Validity of Trust
For a trust to be valid, it must meet the following criteria:
1. It must involve specific property;
2. It must reflect the settlor’s intent; and
3. Created for a lawful purpose.
Types of Trusts
Living Inter-vivos Trust
Marital Deduction Trust
Medicaid Qualifying Trust…and more.
Fortunately, Trust Administration doesn’t require Probate the way Wills do. By taking Probate out of the equation, you might assume that the Trust Administration process becomes significantly less complex. Although it may help, there are still quite a few additional steps that must be taken to acquire the Living Trust you are entitled to. As your attorney, Attorney McGee’s job is to sort out all of the unfinished legal matters that the deceased left behind. This includes filing and paying remaining taxes, conducting a full inventory of the deceased individual’s assets, informing creditors and paying off debts.
Difference between Will and Living Trust
The biggest difference between a Will and a Living Trust is that a Will requires Probate, while a Living Trust does not. Although they both establish the distribution of property to beneficiaries, Wills can be used to specify last requests and assign guardianship for minor children. A solid Estate Plan would likely include both of these documents; however, it depends solely on your unique situation and preferences. Attorney McGee can help you sort out which documentation would be best for your needs and preferences while sorting out the logistics of processing the documents as well.