A wise man once said that death and taxes are the only inevitable things in life. Sadly, he was largely right! Death in the family is not something that we are ever prepared for, and also not something we like to think about. It’s a sad time when someone you love passes away, yet it’s also a time when there is much for close relations and friends to sort out. The state of the deceased is perhaps an area that only they had in-depth knowledge of, and this can lead to problems.
The deceased may have left a will which, if correctly drawn up, should explain what is to happen to all of his or her belongings and assets. However, it is never as straightforward as things may seem. A will is a document that will be administered by a selected person or persons, and if you have ever administered a will, you will know the trouble that they are surrounded by.
Administering a Will
Nothing happens automatically: the will needs to be correctly administered, which in itself is a full-time affair, and if you get objections from family members – perhaps some do not agree with the content – then you have a fight on your hands, and that can get unpleasant. Also, you need to correspond with the deceased’s bank, other financial institutions, perhaps the mortgage company and insurance companies, plus administer the transfer of assets to beneficiaries, and all the legal procedures that go with a will.
If the deceases has not left a will, all of this still has to be done yet with further complication. So, seeing as you want everything to be as simple as possible for your relatives and loved ones when you eventually pass away, is there an alternative to a will? There is, and it’s called a Revocable Living Trust. What is it, and why should you consider it?
Simple and Effective
A Revocable Living Trust is a very viable alternative to a will, and can be set up easily with a very effective method of assuring those who will benefit that they will be served quickly and easily. A trust such as this effectively avoids the problems of probate and the administering of a will. You don’t even have to register it with a court, and it is far easier to sort out both now and after your death.
What happens is that you put all of your assets into the trust, while you are alive and competent. You allocate beneficiaries or owners of your assets on the trust, clearly and correctly named, and when you do pass away, your assets are automatically transferred to those named. You can find out more by talking to experts such as Moses and Moses who have been helping people set up such trusts for many years.
Have a chat with them now and make it easier for your beneficiaries to sort out your assets when you are no longer here to help!