What is a Trust and Why Would Anyone Need One?
- A trust is any person, organization or agreement that allows the giver or bestower to transfer any property, assets or money, to another, namely the trustee, for the good of the beneficiary.
- Trusts are often used in estate planning, in order to take advantage of tax loopholes, or to define terms with regards to the use or distribution of assets. They also allow the heirs to get the money or property assets, with no need for any probate proceeding.
What is a Trustee?
A trustee, once appointed, serves as an agent and plays an administrative role. He or she has a very important function and has to see that the assets, whether money or property or both, are maintained and secured for the beneficiaries.
A trustee can help avoid any probate proceedings, which usually add to the grief and mental anguish of the survivors. To make sure that trusts are all in order, hire a lawyer who is expert in wills, trusts, estates and probate, in Israel. David Page is an attorney in Jerusalem, Israel, who is licensed in Israel and the United States. He is upfront and can give you an estimate, with no hidden fees.
What is a Living Trust?
A living trust is one that is created during the lifetime of the benefactor, presumably you. It enables you to maintain and hold control of your estate, even if you become invalid, handicapped or otherwise unable to manage your affairs. It can eliminate the need for guardianship or conservatorship, appointed by the courts, in the event that you are no longer able to make valid decisions, if and when you are no longer of sound mind and body.
Few things create images of shrewd lawyers and bankers, plotting and scheming about trusts to the tune of millions of dollars and how to control the dispensation of such funds. Thankfully, this is usually far from reality. A wills, trusts, estates and probate lawyer in Israel, in doing his due diligence, will provide you with priceless peace of mind.
What if You’re Not Fabulously Wealthy? Do You Still Need to Prepare Wills, Trusts and Estates Documents?
Wills, trusts, estates and probate plans are not only for the rich and even people of modest means can avoid much distress and misery for their loved ones, by leaving a valid will and estate plan with a trust, which will clearly spell out what happens to their property at the time of death. Although it’s a part of life many feel uncomfortable to discuss, the ease of execution will be a mixed blessing during a very sad time.
What if There is No Will?
In Israel, dying with no will can and will cause many bureaucratic delays and possible mistakes in dispensation of money and property. Other parties might also find loopholes to claim rights to your estate and unless you want them to inherit, you would do well to prudently hire a competent wills, trusts, estates and probate lawyer to fill all documents according to protocol and ensure that they’re valid.