Have you felt the need of estate planning? Are you looking for a simple yet effective estate planning tool? If so, one of the best options that could be considered is the revocable living trust. Revocable literally means something that can be revoked or cancelled. The revocable living trust is a trust created in your lifetime to manage your assets, and the trust has the flexibility of being revoked or cancelled at any point of time. Though several other options are available for estate planning, this is considered to be one of the best.
The person creating a revocable living trust is called the grantor or trustmaker, and he is the one who controls and manages the assets. There may be cases when the grantor prefers to have an attorney or an institution to oversee the trust’s activities.

How does it work
The trustmaker creates the trust with legal formalities that include preparation of documents consisting of the asset details and the trustee details. The trust documents also have the name of the beneficiary who would take charge of the trust under two conditions:

• When the trustmaker becomes mentally ill
  In this case, the successor trustee takes over the charge on the trust and manages all the affairs related to the assets and their finances.
• When the trustmaker dies
  In the case of an uneventful death of the trustmaker, the benefits of the trust are transferred to the successor trustee. He takes charge. However, he must distribute the assets and the benefits according to the will of the trust’s grantor.

Reasons to opt for a revocable living trust
Free from the costs and hassles of a probate court
Any property that is not jointly held, does not have a beneficiary and is not placed in a trust must go through a probate process upon the death of the owner. However, when the asset is placed in a trust that is created during his lifetime, a probate process is not needed when the person is dead. The beneficiary gets the rights over the asset and is free to settle it down outside the probate courts. Hence, many prefer to have a revocable living trust to avoid the overheads and hassles of a probate court.

Flexibility in managing your assets
The living trusts are revocable. Hence, you have the flexibility of amending, modifying, and terminating the trust during your lifetime. Also, if you find it difficult to manage the trust, a legal trustee can be appointed to handle the affairs of the trust.

Privacy
Unlike a will, which is a public document, the trust formalities are completely private and are not disclosed to anyone other than the beneficiaries. This is particularly appreciated by many as bitter experiences over the distribution of assets can be avoided.

Estate planning is standout amongst the essential steps any individual can take to ensure that their property and health care wishes are respected, and that friends and family are accommodated in their nonattendance. Although it can be a complex and intimidating task, hiring an attorney or a tax advisor can make a huge difference. Nowadays estate planning is not limited to the elite class of the society; any grown up individual can have an estate plan. Estate planning firms pay attention to the special needs and concerns of their clients. If you follow a proper legal process, your assets can safely be passed on to your children and other family members of your choice.

Making a will
A proper estate plan begins with a will that provides instructions. It is a legal document that directs the decedent’s plans for burial and to whom he or she wishes to pass on the property and money. It is a legal procedure under the watch of a judge, which would allow the transfer of money and properties to the beneficiary’s account. This legal process is known as probate.

Revocable living trusts
A revocable living trust is another popular estate planning tool, which most people use to avoid the probate period. Living trusts are revocable as they can be subjected to changes in case of a change in circumstances. While legal processes like probate can be expensive and time-consuming as it is a court-supervised process, properties left through a revocable living trust can be directly passed on to the beneficiaries without probate. A revocable living trust can be more expensive than a will. However, unlike a will, it won’t have to die with the owner. A living trust allows you to reduce the chance of a court dispute over your estate, thereby keeping your document private after death.

Best time to plan
None of us really know when death may strike, so many people get caught off-guard and are under-prepared. So, instead of waiting for a proper time, plan your estate now! If you have made a plan, then you’ll be able to change it later. This is why estate planning is done, and trusts are preferred over wills.

An estate planning is not always expensive
In case you think that you won’t be able to afford a complex, expensive estate plan, then there are simple plans like life insurance, leaving an inheritance for children and health care decisions. An estate attorney is a trained professional in this field and will be there to guide you. You can also seek help from a good attorney in the legal processes and ensure that your rights are protected.

Peace of mind
Finally, the most important benefit of getting your estate plan done is complete peace of mind. When you know that you have a foolproof plan in place that will protect your family against all odds, it will give you a total satisfaction. This is one of the most thoughtful and selfless thing that you can do for people you care.

There are several entities such as trusts, powers of attorney and wills, involved in estate planning. They aid spouses and families of estate holders to benefit from the estate of the deceased. The absence of an estate plan leads the estate to go into probate and thereafter, judged by a court. Devising an estate plan requires one to go to an estate planning attorney to ensure that the welfare of the estate goes as one planned it to be.

Benefits of an estate plan
An estate plan is not only for the affluent, but also for those who want to ensure that their families have a hassle-free time after their demise. Following are some of the compelling reasons to opt for an estate plan:

• Saves your family from all legal hassles – An efficient estate planning saves the family from getting involved in laborious legal procedures.
• Reduces estate taxes – By gifting assets, you are able to lower the complete value of your estate because once assets are gifted, they cannot be held against the estate value. Consequently, the property taxes levied on your estate will decrease.
• Prevents unnecessary expenses – An efficient estate plan made with the advice of a skilled attorney helps you save your family from spending money for unnecessary causes such as taxes and litigation.

What you need before going to an estate planning attorney?
At the start of the estate plan, one is required to visit an attorney to ensure all requirements are set in the right order to carry out one’s final wishes without any legal roadblocks. Before leaving for an estate planning attorney, some essential things need to be prepped up, which include the following:

• Enlist names and addresses of all the parties associated with your assets.
• Get all your account information, insurance information, debt list, household inventory list, retirement plans, etc. arranged at one place.
• Gather as much information as possible that you may need to give to the estate planning attorney. The more information the attorney has, the better the estate plan will be.

Some of the common questions that you may want to ask the attorney include the following:

• How much do they charge for their services?
• How often should the will be updated?
• What are the best ways to reduce the tax requirements?
• What happens if any problem is encountered during the execution of the estate plan?
• Where to find an estate attorney?

To look for a reliable estate attorney, these are the usual sources:

• Ask your family members and friends for recommendations.
• Go for financial advisors and accountants in your area.
• Use advertisements as a means of finding an Estate Planning Attorney.
• Check dedicated websites of good attorneys, which not only lists their contact information, but also highlights the perquisites of choosing them. In addition, the website may include testimonials from satisfied clients.

Death and taxes are the two bitter truths of life. As such, it is incumbent upon each individual to strategize for a comfortable life for his loved ones in the post-death scenario. Estate planning is an effective way of doing so and achieving tangible gains. In this legal arrangement, you anticipate and arrange for a hassle-free management and disposition of the assets that are an outcome of your lifelong toil and vision. Additionally, it is instrumental in restricting taxes and liabilities that can take a toll of your savings. Here are the top four reasons why estate planning makes sense.

Ensures your assets end up with intended beneficiaries
Erstwhile a prerogative of elites, estate planning is the new norm. Nowadays, even individuals from a middle-class background are trending towards estate planning to ensure that their assets end up with the designated heir in a timely manner. In absence of any such initiative, it is up to the court to decide the person or persons who may inherit your assets. Moreover, the legal proceedings often take years, leaving behind a trail of disgruntled and beleaguered heirs. Even your surviving spouse will have a hard time proving her claim in the court. On the other hand, estate planning renders you the power to decide the fate of your property long after you depart from the scene.

Provides for your immediate family
As the sole breadwinner, you strive hard to provide for your immediate family. Seemingly, your untimely departure will get them into a state of emotional and financial mess. On the emotional front, the loss may be irrecoverable for your spouse and kids, but their financial misery can be addressed with an appropriate estate plan. You can ensure a stable income for your surviving spouse and facilitate kids’ education and upbringing in the best possible ways. Also, you are in a position to designate personal guardians for the young ones in case your spouse expires.

Secures health decisions
Estate planning serves as a hedge against financial issues emanating from any physical or mental incapacity that you may have to contend with in the elderly days. Living wills, which are an integral part of estate planning, help you make decisions regarding life support, well in advance. Additionally, you can designate health care powers of attorney to a reliable person who may take key decisions regarding your treatment.

Restrict expenses
Expenses involved in the transfer of property can be significant enough to eat a major chunk of your savings. The expenses are more pronounced for properties exclusively owned by you. In fact, the parties involved in the process, including the executor and attorneys, will get remunerations from savings that your heirs are supposed to inherit. Here too, estate planning comes in handy. With a proper estate plan, you can minimize expenses and pass on the savings to the rightful heir.

Contemplating about mortality is not a priority for numerous individuals. Resultantly, they fail to plan the management and disposition of their assets, which invariably leads to confusion, financial crisis, and disharmony among surviving family members. The best thing that one can do to ward off such situations is to undertake estate planning.

As per the popular perception, estate planning is a time and effort-intensive affair meant to be undertaken in the elderly days. However, in reality, the process is not that complicated, provided you adhere to a systematic approach. Mentioned below are few simple yet effective steps to help you navigate the entire process conveniently.

Prepare a list of your assets
You can set the ball rolling by prioritizing all your current and projected assets, which can be in the form of investments, insurance policy keepsakes, and savings for the retirement. This will help you choose the appropriate course of action and maximize benefits that estate planning is supposed to bring to you and your heirs.

Decide your heir(s)
The whole idea of estate planning boils down to helping your heir gain the property for which you toiled all your life. Here, deciding on an appropriate heir, who can be your spouse, child, distant cousin or an organization, is imperative. After all, everybody wants their legacy to flourish after they depart.

Decide about the decision makers
You need to decide individuals who will don different roles during your lifetime and afterward. Start by short-listing an executor who will be executing your will, catering to all the modalities involved in property distribution, and filing tax returns. Since the possibility of physical and mental incapability in the elderly days cannot be ignored, you need to designate someone who can take care of your financial affairs in such predicaments. Next on the list has to be an individual who can make medical decisions on your behalf, if your physical or mental condition does not allow you to do the same.

Create your will
To each his own is the mantra when it comes to drafting your will. If your finances are modest, relying on an appropriate online legal document service makes sense. Otherwise, you can seek professional help from an attorney who will help you draft the will without much hassle. Depending on several factors, the attorney fee may range from $500 to $2,000. It is advisable to prefer an attorney with a respectable reputation and a systematic as well ethical approach.

Assign power of attorney
With age, our decision-making abilities deteriorate. As such, it is in your best interest to assign a power of attorney to someone who is intelligent enough to make pragmatic decisions on your behalf. Known as attorney in fact, the designated person will be at the helm of all your financial affairs. Paying your bills and looking after your investments will be high on his/her agenda.

Contrary to the perception, real estate planning is not that intricate a task. You just need to follow the aforementioned steps and help yourself to a hassle-free management and disposition of assets.

Any papers which contain vital information about a property or piece of land are called property records. The records generally indicate who is the legal owner of the property, which also includes proof of ownership and the deed registered under the his or her name.

A property records office is a place which maintains such information for every property, plot or patch of land owned in that particular county or city. The records of any sale, purchase with respect to property will be maintained in this office. Other related information to the said property can be found in this office. Papers with respect to any loan, outstanding payments, tax related information, detailed information about the owner can all be all found.

There are a number of reason for which property records might be needed. Here are a few to name.

Records contain vital documents about the owner and all related information which comes in very handy when there is a need to settle disputes with respect to any mortgages and foreclosure for the property.

Property records contain documents which can be utilized for dealing with any easement rights. Easement can be explained as a right to use someone else’s land or property for a specified purpose. In case there is a dispute as to who the rightful owner is, property records come in handy to settle such cases.

Property records come in handy when there are lien disputes which need to be resolved. Lien is a right to keep someone’s property in your possession until a debt which is owed by that person is paid off. However, the possession of the property is transferred back when the debt has been paid. In some cases, there might be a dispute as to any outstanding lien is and this is where property records come in handy.

All vital information related to the property comes in handy when there are disputes which need to be settled for wills, property shares, legal or nominated inheritance for that matter. The documents will be very handy to determine who the rightful owner is or who will be the rightful owner after the dispute has been resolved. Property documents are vital to resolve such issues.

Property has a fixed boundary line, which defines it area. Every person who owns a property will also have a set of documents which will have the specifications for this boundary line. Often there are issues which arise due to such boundaries and hence these documents come in very handy.

Property records can be accessed to gain information from a number of vital records. These are available on the public domain and can be accessed online through a number of sources.

Here are a few things you should know before accessing property records:

A number of online websites have the multipurpose search took which will allow you to access a number of records, all consolidated in one place rather than to try and find it separately. Be specific when you are trying to locate a type of property or related information.

These online search portals also boast a map which can be used to locate properties in a particular area. It is always easier to locate something on a map, especially online map which will feature a number of tools available at your fingertips like zoom, area highlight and more.

Property records is a very specific search so make sure to use the parameters which describe the property. You can find out more about the said property through the owner names, their tax ID’s and the owners address for that matter. However, in case you don’t have an exact address to search with, use description parameters to identify the said property from all the listings and registrations in the records.

Online property records search is very user friendly and not at all complicated. There are a number of fields which can be used to narrow down the results, fields like property features which includes the exterior, garage type and more. A thorough description will enable you to find out exactly the type of property you are looking for and its relevant records.

You can use indicators like county, the municipality in which the neighborhood falls, zip code and school district to lookup property types. Of the thousands of registrations in the directory, but these indicators will help narrow down the search.

Search options are generally divided into three categories, owner search, property search and legal search. This criteria is a prerequisite when it comes to property related documents, however some say that even the tax information related to a particular property will help narrow down the search. Tax information is updated on a regular basis, so it might be a bit challenging to track all the changes.

However, it is very easy to identify and access records using the basic parameters and indicators suggested. For more information, talk to property experts and agents who can suggest a few alternatives.