Tuesday, December 16, 2014

Plan for the Future and Beyond While Protecting Assets and Heirs

oakland county lawyers

There comes a point where individuals or couples find themselves with assets that need protection in the event of their passing. It's not a pleasant topic to consider, but it's a necessary one if heirs are to be protected from adverse events. There are various ways in which to protect assets, and oakland county lawyers can be of assistance with determining what type is most appropriate. Various reasons exist as to why assets need protection. There may be a significant inheritance at stake and the beneficiaries are underage.



oakland county lawyers

Or there is contention in the family as to who gets what, and the order of inheritance needs to be preserved. Sometimes it's setting aside assets in a revocable trust that allows the trustees to access the assets within and pass the remainder to the designated heir while minimizing a potential challenge to the trust. There are two types of trusts: revocable and irrevocable. Revocable trusts allow the trustees to access whatever has been placed in the trust without having direct ownership of the assets.

oakland county lawyers

The trustees can be the person or people who set up the trust. Irrevocable trusts have the effect of locking away the assets from all, even the trustees, until the designated heir has come of the age of inheritance specified by the creator(s) of the trust. A regular will is another instrument that can control the distribution of assets upon passing. It does not necessarily protect the estate from going into probate, but it does ensure that the heirs get what they are to receive without question. In the event that the estate goes into probate, the heirs get their share of whatever is left over after probate has been closed.

oakland county lawyers

It's best to get these documents created in a timely manner. The major reason being is that the individual or couple has to attest to being of sound mind and body when they created their directives. If there is any question about the mental state at the time of the creation and signing of the directive, it can be challenged in court. However, there is no stopping anyone from challenging a will or trust in court. But success or lack thereof depends on the mental state of the person or people who created the directives. Doing the work sooner than later minimizes the possibility of a challenge, protects heirs and ensures that the heirs receive the assets that are assigned to them.

No comments:

Post a Comment