If the time has come to create a living trust, there are sure to be many details floating through your mind. Every estate planning decision you make is a big one, so you don’t want to do anything that could hold you back from reaching your goals.
Before we get into the finer details of creating a living trust in Madison, remember this: it is better to hire an estate planning attorney than to attempt to do this on your own. This will put your mind at ease, allowing you to realize that every last detail has been taken care of.
Here are five points to consider as you think about creating a living trust in Madison:
1. Do you need a shared or individual living trust? This is based largely on whether or not you are married.
Note: some married couples opt for two individual trusts as opposed to a shared trust.
2. Decide what items to add to the trust. Like most, you will not want to add all your assets to your living trust. You should stick with the most valuable items, such as those that you do not want to be subjected to probate.
3. Who is going to inherit the property you leave in the living trust? This is one of the most important questions you will answer. Most people opt for a loved one, such as a child, while others choose a friend or charity. The choice is yours, just make sure you are comfortable with your decision.
4. Name a successor trustee. After you pass on you will not be able to distribute the property in your trust. For this reason, you need to name a successor trustee. This person is staffed with the responsibility of distributing the assets in your trust.
5. Hire an experienced Madison estate planning attorney to prepare the living trust. There is a lot that goes into this, as well many potential pitfalls, so you need an experienced professional on your side. A local estate planning attorney will guide you through the process.
Are you interested in creating a living trust in Madison? Regardless of where you stand, contact us to discuss your situation and to decide which steps to take next.
- What You Need to Know About SECURE Act 2.0 - March 30, 2023
- Show Your Love by Creating an Estate Plan - March 15, 2023
- What Happens When You Don’t Trust Your Trustee – Part II - March 7, 2023