Transfer of Assets in Weston
Transferring Assets into a Living Trust
Setting up a living trust represents an initial step towards transferring and protecting your assets. By funding a living trust, you ensure that your transfer of assets in Weston reach a medium to do what you intend for it to.
When you transfer assets into this trust, you change legal ownership of your property from your name to the trust’s. Most people cultivate a trust naming themselves as the trustee. This enables them to remain in control of their own assets. However, the assets technically remain controlled by the trust. Nevertheless, the items contained in the trust continue utilizing your Social Security number.
The best way to get started formulated a living trust is creating a comprehensive list of the assets you want to transfer. This will ensure that you do not miss a thing. Additionally, a qualified and experienced attorney can help you with the transfer of assets in Weston.
Planning ahead and getting it right the first time is what an attorney can help you accomplish. Regardless if your health is perfect, or if you live with a potentially challenging diagnosis, an attorney can help you manage and execute your thoughts for the future.
Transfer of Assets in Weston Benefits
Placing assets into a trust imparts numerous benefits. However, the biggest advantage is the not requiring your family to ensure a lengthy or expensive probate process when you die.
If you die after executing only your last will and testament, any money dispersed from your estate requires approval from a court. By utilizing transfer of assets in Weston into a living trust, you can save your family a substantial amount of hassles and headaches.
Nonetheless, the key to success is not simply creating the trust. Instead, ensuring that you fund the trust remains vital. Even with the most well-drafted trust in the world, without funding it, this is essentially worthless to avoid probate court.
Funding represents the actual process of transfer of assets in Weston from your own name, and into the trust. You need to physically engage in the act of changing the titles of all your assets from your personal name to the name of the trust. These assets might represent cars, real estate, bank accounts, etc.
With a living trust, you can also continue acquiring assets just as you did prior to formulating the trust. You can also decide to remove assets from the trust if you decide to do so. However, removing assets instantly removes any benefits that a trust will grant you.
While it is your personal responsibility to maintain and transfer assets to your trust, a smart and thorough estate planning attorney can offer their assistance to guide you on transfers. They might also handle these transactions themselves as you allow.
The attorney will likely handle the bulk of the transactions. This is due to convoluted and often complex paperwork associated with the transfer of assets in Weston. Funding a trust is not inherently difficult, but it is time-consuming, imparting potentially confusing legal language.
Covering Your Bases
If you purchase or acquire items after you create your trust, you need to transfer these items as soon as possible. It is a prudent idea as you purchase items, to do so in the name of the trust. When you do this, the items automatically enter the trust with no additional action required.
To further protect yourself and your assets, ensure you prepare a will with your attorney. In this document, indicate a transfer for any items left in your name immediately following your death. This enables your trust to serve as a complete and total document, executable with all the benefits you created it for.
Double check your transfer of assets in Weston list. This will ensure that you move every item on the checklist into the trust. Funding and maintaining your trust in this fashion protects you from potential issues, offering you peace of mind considering your affairs.
Transfer of Assets in Weston with SchRamras & Diaz Family Law
If you have not yet set up a living trust or need assistance with transfer of assets in Weston, SchRamras & Diaz Family Law can help. We can provide solutions, as well as a comprehensive understanding of trusts and asset transfer law.
Many individuals utilize transfer of assets and trusts to protect their assets should an unforeseen circumstance arise. A will and testament is a good start, but considering the issues probate court may pose, this document simply isn’t enough.
Our South Florida legal practice possesses extensive experience in helping individuals in the community with their estate planning needs. This includes the transfer of assets in Weston, as well as cultivating wills and trusts. We ensure that we take the time to intimately learn and understand our clients’ and their needs. This enables us to handle a wide variety of estate planning circumstances.
We additionally utilize this information as we strategize the best possible solution for our clients. This helps our clients achieve the best possible outcomes concerning execution of their posthumous wishes.
For more information on estate planning, transfer of assets, and drafting wills and testaments, contact our law firm SchRamras & Diaz Family Law for an initial consultation. Our caring legal professionals can address any of your questions or concerns as we develop a strategy that ideally suits your needs. We can help you protect what is yours during life, as well as execute your wishes in death.