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Mediation and living trusts

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There are lots of decisions which go into deciding if you need a living trust. It can depend on your assets, because everyone wants to minimize their estate taxes and make their estate as easy as possible to administer. But there are other reasons for living trusts, too, like providing for minor children or grandchildren, providing for a special needs adult child, creating a spendthrift trustӔ for a beneficiary who you believe is a little too freewheeling with financial decisions, and to avoid probate court, to name just a few of the benefits of a living trust.

A trust is a gift to your children also. Losing a parent is so stressful and trying. On the one hand, children are faced with the devastation of a beloved parent. On the other, they are overwhelmed with all of the decisions that need to be made bout thing theyd never considered.

Once youҒve decided that you want or need a living trust, there are even more decisions to make. Who will you choose to administer the trust? Who will your beneficiaries be? Will they receive equal shares? What if one dies before you do? These decisions must be made thoughtfully and take into consideration both family capability to execute these responsibilities as well as the feelings which may be hurt. Many couples and families now choose to work these issues out in Mediation preparation.

When you mediate your estate plan planning, you choose the agenda and the participants. You have plenty of time to learn about the options, consider your choices, and make a decision.Maybe you include your intended beneficiariesand maybe you donŒt. Or maybe you include them on an as-needed basis. Your mediators can help point out issues, facilitate discussions, make sure you have the information you need to make a good decision, and help you to decide what youd like for your legacy.

You worked hard to earn, preserve, and build what you have. Why not take an active role in deciding what happens when youҒre gone? Estate planning gives you a unique opportunity to create your own legacy with the choices you make. Why not maximize the potential of your estate as well as facilitate family harmony?

When these issues are presented in terms of preserving family legacy versus dividing up assets which can never replace the deceased family member, we find the conversations engender more security than fear.

The purpose of mediating your estate plan is to give you the opportunity to explore all of the options for your estate plan BEFORE you put it into an official document. That way you consider all the choices and make a thoughtful decision rather than blindly following a lawyers suggest of ғthis is what everyone else does or, worse yet, leaving it to the government to decide after youԒre gone. As unpleasant as that thought is, thats exactly what will happen if you donҒt make the decision yourself.

Want to talk about estate planning and our mediators with others planning their estates, too? Visit the Estate Planning and Mediation.

Authorbio: Peace talks is a Los Angeles family law mediation firm offering services including divorce mediation, Parenting Plan Mediation, Premarital Mediation in Los Angeles, Playa Del Ray areas.

Article Source: Messaggiamo.Com


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