Unfortunately, many young people, and even some of us more mature folks, don’t want to think about our eventual death and fail to do estate planning. If you neglect having a will prepared and pass away without an estate plan, interstate succession laws will come into play.
For many estate plans, a revocable trust, rather than a simple will, is usually recommended if you own property or significant assets. A will may be satisfactory for smaller estates. But a properly drafted revocable trust can accomplish many estate goals.
Estate planning involves making arrangements for one's assets prior to death or incapacity. To create an effective estate planning strategy you must account for tax and non-tax related matters. It's important to work with an estate lawyer who can help you with the end of life legal process.
Some people choose to hold real estate in a trust instead of keeping it as a personal asset. In fact, there are many good reasons to make this decision. When you purchase (or subsequently transfer) real estate using a trust, you can maintain anonymity and avoid death taxes as well as probate. Property might also be held in a trust if there is more than one owner. Whatever the reason, it is important to know how to transfer such property when the settlor passes away. Learn how to comply with the requirements of estate law to get the property into the beneficiary's name.