Estate Planning Specialists Inc.

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You want to control your property while still alive, make sure your taken care of if you become incapacitated, using a living will. Wills have to go through the Probate Court whereas Living Trusts do not. In general, a "trust" is a legal entity that is able to own property and other assets. It is one of the oldest and best defined relationships known in the law. The Babylonians used trusts, and every society since then has used some sort of trust relationship. Essentially, it is established by a legal agreement defining how assets are going to be managed and distributed. Property can legally be transferred into the trust and have the trust own it. This is how trusts avoid Probate. Different trusts have different types of classifications in the law and for tax purposes. Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The various goals of estate planning include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate court involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity. If you think you are too young, too old, or don't have enough assets to put together an estate plan, think again. It's never too early to prepare.