Finance Advice for Funeral Planning
What are Revocable Living Trusts?
A Trust, also known as a Revocable Living Trust, is widely considered by most Estate Planning Attorneys to be the better and more useful planning funeral estate planning tool. Many families choose Revocable Living Trust (Trust) instead of a Will to avoid the many disadvantages of probate.
A Trust, if drafted by a seasoned Estate Planning Attorneys, can be a comprehensive document that will allow you to avoid many of the challenges when handling funeral estate planning.
Key Advantages of a Trust:
» Avoid the probate process
» It is extremely hard to contest
» Can potentially reduce or eliminate estate taxes
» Will preserve your privacy
» Expedite the distribution of your estate
» Allows parents of small children (like myself) to give specific instructions to the Trustee or Guardians as to when to make distributions to the children, what they can use the money for, and at what ages to begin letting the children have control over some (or all) of the monies
» Many other challenges such as special needs, special instructions, multiple marriage situations, etc.
So Which is Better – a Will or a Trust?
The reality is there is no exact answer to this question, simply because either a Will or a Trust can be deemed as most effective, but largely depends on each families personal situation is unique. Therefore, as with any decision that is extremely important to your financial future, the best way to make the right choice is to seek the help of qualified and credible Estate Planning Attorneys who can help you determine whether a Will or a Trust makes the most sense.
Financial Advisors and Estate Planning Attorneys
We strongly recommend that every family works closely together with both Financial Advisors and Estate Planning Attorneys when determining the most appropriate wealth transfer strategy. This coordination can ensure that, whether you create a Will or a Trust, two key goals are accomplished:
- This all-important document is established properly and efficiently
- Your funeral estate plan is properly coordinated and integrated with the rest of your overall financial plan.
Needless to say, the “perfect estate plan” does not happen by chance, but rather through proper planning and preparation. So please do yourself and your loved one’s a huge favor: when it comes to your financial and funeral estate planning needs, be proactive by taking the first step…seek professional help! By knowing these plans are in place, you will sleep much better at night, knowing you have created this all-important gift for your family!
If you have not yet started the process of creating your funeral estate plan, or if your current estate plan is outdated or needs to be revised, please contact an Estate Planning Attorney.
