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Preparing Wills and Trusts
Whether you are 19 or 91 you should be prepared for, “the inevitable”. One never knows when they will pass, and the last thing one would want is for their loved ones who survived them to be inundated with legal process for distributing their assets, but more importantly, handling liabilities. In order for surviving family to handle assets and liabilities of family who has passed on, Letters of Administration are required, and a Personal Representative must be appointed.
Last Will and Testaments, also referred to as “Wills”, are basically instructions on how your assets and liabilities are to be distributed and handled, as well as appoint a person, people or entity as the Personal Representative of the estate for these matters.
In addition to a Last Will and Testament, there are several other forms that K/S can provide such as Living Wills, Health Care Surrogates, Durable Power of Attorney, which are also important depending upon the situation. Please visit the Estate Planning Glossary to review the definitions of each of these forms and learn what purpose they have in estate planning.
Contact K/S now for information about Estate Planning. K/S offers flat rates for packages including Last Will and Testament, as well as supplemental documents, such as Living Will, Durable Power of Attorney, and Health Care Surrogates; all crucial documents for estate planning.
Trusts can be prepared and created for many purposes. Trusts can be prepared in a Last Will and Testament, so they are incorporated and effective upon opening an estate, can be created to purchase a house, structured for distributing assets to family members, or for business purposes for tax benefits.
Trusts are essentially in most cases instructions to control distribution of assets, whether money, stock, bonds, or property, real and personal, to other individuals or entities, called beneficiaries. A trustee is appointed by the trust to control the assets. There are revocable and irrevocable trusts, all dependent on how the trust is constructed. There are also limited family trusts or credit shelter trusts.
Trusts are a very crucial part of Estate Planning because they are probate proof, so they do not have to go through testate when you pass and will continue to run in accordance with the trust. Trusts can run for generations when properly constructed.
Trusts are specific to the needs of the individual creating the trust. However, most trusts can be prepared at flat rates rather than hourly fees, so you will know what you will have to spend before retaining the firm.
Limited Family Trust
K/S can prepare a limited family trust on your behalf for those people who may have sizable assets and therefore a sizable estate. This requires the incorporation of entities enabling the transfer of assets into the various trusts providing a tax exemption for the transfer of up to one million dollars per trust prepared. These trusts also designate trustees and are exempted from probate, along with any assets in the trust. If you have a sizable estate, this is the best way to protect your assets and ensure that they go to your children or beneficiaries rather than the government.