COVID has established itself extremely well, and with the figures of those who have passed now well over 300,000, and a vaccine barely being distributed, it isn’t a silly idea to make sure one has their estate planning in order just in case, according to Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach. Person after person, case after case, we all keep hearing stories about folks who do everything right, kept their distance, work a mask, and then made one mistake and came down with a COVID infection. While most recover, the tragic stories continue of individuals being removed from life by the virus, sometimes in just a matter of days from what Ashley Crispin sees in the news like you. While folks who might end up being in such a situation can’t prevent fate, we all can definitely make things easier for our loved ones by having a good estate plan taken care of for them, according to Ashley.
Ashley Crispin Notes a Trust Makes a Lot of Sense Right Now
The fundamental problem with a simple will is that everything a person has must go through probate in most states, according to the work of Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach. That’s an extended process that relies on the courts, which also are impacted by COVID and most caseload is delayed. That means, your estate that your loved ones may very much need right away to keep things paid and a roof over their head will be stuck in limbo while creditors come knocking. From what Ashley Crispin regularly sees, until the probate process is completed, those assets can’t be distributed. And that becomes extremely difficult and frustrating when you might be a single-income earner for the rest of your family, a common issue Ashley Crispin witnesses in families all the time in probate.
However, Ashley Crispin points out with a trust your assets and estate plan transfers immediately to your designated loved ones. A trust is private and works as its own legal entity. There is no need for the probate process because the title to your assets and resources have already been transferred while you’re alive into the trust. When the trigger event happens, if it does, and you do pass, your assets in the trust then automatically distributed per the terms of the trust details to your named beneficiaries, according to Ashley Crispin. The legal tool really makes a lot of sense when people want to make sure their loved ones are taken care of.
COVID doesn’t discriminate. Whether you’re a member of Congress, a cook, a wealth book writer or a police officer, people are being affected in this pandemic randomly and rapidly. While we will eventually get to a vaccine sometime in 2021, you can take hold of your family’s future now by preparing for a problem before it occurs, notes Ashley Crispin.
Keep in mind, a trust helps in other ways too. Per the experience of O’Connell & Crispin Ackal PLLC, it can reduce the total tax liability that your estate transfer might otherwise trigger via inheritance tax. Since your actual assets are turned over to a trust ahead of time, your eligible inheritance tax property is less on your passing. You also get the final say on your assets via the trust, according to Ashley Crispin. In probate, even with a will, the court could change the distribution. You furthermore bring down the cost of distributing your estate by reducing probate costs. Less to probate means less to pay in related fees. And your estate stays private, a key issue O’Connell & Crispin Ackal PLLC points out for those who aren’t interested in their details becoming public records in the court system.
There is no question that COVID has everyone anxious and, ideally, we will all get past it with a vaccine and move on. However, from the experience of O’Connell & Crispin Ackal PLLC, it’s also very smart to be prepared for all contingencies and to make sure your loved ones are not left in the lurch. And, per Ashley Crispin, a trust can solve all these problems effectively.