Dealing With A Living Trust Along With Cremation Service Plans
If you are thinking about organizing your cremation services in Deland, FL in advance, that’s a great step to take for the sake of your family. You want them to have everything they need in the event of your death and planning your own services can give them just that. If you pay for those services in advance as well, that’s taking yet another step for their benefit. Something else you will want to think about well in advance, before you need it, is a living trust.
Living trusts are legal documents that act somewhat like a will. They are put together in order to designate a person to manage an estate in all financial and legal manners, either after someone passes away or while they are alive and incapacitated and unable to do that themselves.
If you are thinking about putting together a living trust for yourself, you need to know more about them. There are two different kinds: removable and irrevocable. The name speaks for itself, but you will want to choose which one is right for your situation. The irrevocable trust can’t be altered once you put it into place. You cannot remove the people you put in charge of the trust. With a revocable trust, you can change the person in charge if you’d like. Or, if that person passes on or proved that they can’t handle the job, you can place someone else on the trust instead. You can also change assets around or remove things, which you cannot do with an irrevocable trust.
When you set up your will, you might put a trust together at the same time. If you use a living trust, you can lower the amount of taxes your family would have to pay on your estate. That can mean thousands of dollars to them later. You are protecting your assets from taxes and giving them more directly to your family.
Living trusts can also save and protect assets for children who might be underage when you pass on. If they were to inherit the money right away, they might not know what to do with it or they might not spend it responsibly. The trust saves it for them until they are at a certain age or gives it out to them when they reach certain milestones and might need the money.
There are many other reasons to consider working through a living trust and putting one into place. When you are planning your own cremation services in Deland, FL, it’s the perfect time to think of other things of this nature. IF you are ready to move forward with final service plans, contact the professionals at Fourtowns Cremation, Inc. You can call us at (386) 774-8055 and ask any questions you have about the different cremation service options. You can also visit with us in person at 1235 Saxon Blvd, Orange City, FL 32763 to get the information you need to make important decisions.
