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Finance & Estate Planning
Saturday, December 12, 2020
The Importance of a Trust D
eveloping a trust is another beneficial pre-planning tool to capitalize on when organizing your estate. While your lawyer or financial advisor can walk you through different policies that may benefit you, a living trust is of utmost importance for you and your family. Virtually, this type of trust guarantees your estate and belongings will be distributed under the terms you create when it is drafted. Because life happens and your beneficiaries may change due to many factors, updating your documents after major milestones is crucial. If you’re unsure of the benefits when building a legal trust, check out some of the most critical reasons it is necessary.
your requests when it comes into effect. Typically, there are two different types of trusts related to estate planning. Here is how they differ, as discussing the options with a professional attorney can help suggested by the Federal Demake the decision easier. posit Insurance Corporation. • Revocable trust: This legal Avoid Probate document can be revoked, terminated or changed at any time According to the American Bar Association, probate is the courtby the grantor. What is a Trust? supervised legal procedure that A trust is an agreement between • Irrevocable trust: A grantor appoints beneficiaries to prop- 44 determines the validity of your a grantor, the person who aserty or assets while giving up the will. The legal action is necessary signs control of an asset, and when appointing an executor to power to cancel or modify the a beneficiary who receives the administer an estate and distribterms. benefits upon September death. The Page 44 | Saturday, 12,policy 2020 2020 READERS’ CHOICE ute assets to noted beneficiaries. When deciding which type of is managed by a trustee who Thank you to all of our A way to avoid this sometimesensures the policy is handled per trust is right for your situation,
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Finance & Estate Planning
ourmidland.com
Saturday, December 12, 2020
Building Credit from Scratch
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mericans with inadequate or a lack of credit can find it difficult to receive loans to buy a home, a new car or acquire emergency credit cards.
ence? According to the Consumer The Financial Protection Bureau, Council on Accreditation of26 million people in the country are deemed “credit fers some beneficial tips to get your score up and beinvisible.” This category means zero history is recog- come recognizable to lendnized by three major report- ers. ing companies, Experian, Apply for a CreditEquifax and TransUnion. Builder Loan Another classification If you have a bank account, is known as “credit unask an expert at the instituscorable,” which means tion to qualify for a creditthat while someone has used plastic currency or paid building loan. Generally, the lender will deposit the off a loan in the past, they lack enough information to borrowed money into your account, requiring you to receive a score. The CFPB make payments until it is states that about 19 million Americans fall into this fully resolved. As you cover the cost of fees on time, the category. bank will report to creditSo, how do you generrating bureaus, who then ate a positive credit rating without any existing experi- have a basis for assigning
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age both of your scores. your score. If you aren’t already a financial organization member, check your Limit Your Cards community credit unions for Once you begin gaining this type of loan. approval for credit cards, it’s critical to limit the number Ask a Co-Signer of applications you submit Lenders are more willing to and accept. Start with one loan money to those with a card and ensure that the favorable credit rating. You balances are paid off each can quickly impact your lack month. After about six of recognition by asking a months, it’s good practice trusted family member or to seek another account loved one to co-sign with you. Essentially, this makes with higher limits, if required. Keep in mind that the other party personally if you apply for several in a liable that the debt will be limited period, lenders may paid off in full. Make sure view the activity as an act you can easily afford the loan, as defaulting will dam- of financial desperation.
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Saturday, December 12, 2020
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Finance & Estate Planning
ourmidland.com
Find an Estate Attorney
he intricate details required to make documents legal are not worth gambling when estate planning. Your best bet is to work with an estate attorney who can ensure your belongings and finances are handled per your wishes after death.
been Modern technology makes in claims that those concerned with practice creating end-of-life plans can or the field? easily create documents through It’s imperative free or affordable websites. But a to be clear with the local attorney is a safer bet. goals you aim to acWhen you’re researching local complish when pre-planattorneys, it’s beneficial to meet ning so you’re both prepared with a few experts to gauge to create a solid strategy. your compatibility. During your What is an Estate meeting, the National Academy Planning Attorney? of Elder Law Attorneys encourages you to ask these questions When becoming an estate lawyer, a bar-certified attorney must to understand an attorney’s specialize in estate planning to qualifications and experience understand how to direct clients regarding estate planning. • Does the practice emphasize a through the process. They are experts in the federal and state particular area of law? • What percentage of the firm is laws required to create documents legally. devoted to special needs planning? Complex Details • How long has the attorney
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Working with an expert estate lawyer is imperative when preparing your pre-planning strategy. Since each state may set its specific regulations and requirements, their expertise is invaluable to ensure your assets are covered to full protection. Some areas feature differing laws regarding property rights for spouses, rights for children to inherit and responsibilities for estate and inheritance taxes.
Avoid DIY Planning When creating a concrete estate plan, it’s best to avoid DIY methods to save a few bucks. Since your final arrangements are meant to ensure your financial obligations and assets are legally appointed, mistake-free documentation is crucial. An expert estate attorney can not only draft secure documentation, but they will stand by it and update it as requirements change, or at a client’s request.