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Now here’s the good news. At The George Law Firm, L.L.C., we have designed the Peace of Mind Estate Plan, which avoids the pitfalls and problems identified above, and has several other advantages besides. The heart and soul of the Peace of Mind Estate Plan is a revocable lifetime trust, which we call a Living Trust. This is a well-recognized (although relatively little-known) instrument that avoids probate, enables you to keep total control over your assets during your lifetime, and which offers maximum flexibility both before and after your death to ensure that your wishes are carried out and that your loved ones will receive the optimum benefit from your legacy.
Before we begin: you may have heard of some other techniques for avoiding probate, such as holding assets in joint tenancy, lifetime gifts, “Totten Trust” bank accounts, “Transfer on Death” and “Pay on Death” arrangements. Analysing these techniques in detail is beyond the scope of this brochure, but we will say that while they can be of benefit in certain situations, and are sometimes used in conjunction with other estate planning tools, they may also have other potiential disadvantages which are not immediately apparent. What’s more, none of them have the other, non-probate advantages which the Living Trust and Peace of Mind Estate Plan has to offer. We are happy to explain the problems with these other techniques with you in person, and show why we believe a Living Trust is a superior estate planning mechanism.
To discover more about the Peace of Mind Estate Plan and revocable trusts, click on the relevant link below:
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