When a person in Rochester is planning for the future, trusts are an integral part of providing protection for themselves and their loved ones. But there are many different types of trusts to choose from and all have their own advantages and concerns. Three kinds are the revocable trust, an irrevocable trust, and a special needs trust. Knowing which one is the best possible option requires an understanding of their purpose. Having a grasp of this should be priority one before a decision is made on how to move forward.
Considerations In Estate Planning
Protecting your family and your legacy is about more than deciding what you want to do with your assets. Estate planning includes a number of documents and strategies that, taken as a whole, help you accomplish your goals and protect your present and future. The right estate plan will be as unique as you are. In order to create the right estate plan, you must employ the right tools.
What does a personal representative do for an estate?
When a person passes away, that person's property becomes known as an estate. An estate includes all property the person accumulated during his or her life, both personal property and real estate. The purpose of a will is to determine how that property will be distributed. However, there almost always must be a person placed in charge of administration.
Updating the plan that protects you and yours
The children were so young and cute back then. They played with dolls and trucks and each other. Now they're taller than you and off at school or careers. Things have changed. Or have they? One of the things that might not have changed over the years: your estate plan. You sat down with a trusted attorney long ago and put together a plan to protect you and your family. But the details of those documents have been largely forgotten since then.
