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When a person passes on, there have an option of writing a will or a living trust to give to their estates the assets they owned according to how they want it done. The two can really be confusing an asset owner on which is best to use. Here are some factors that will help in knowing the kind that you will need to use.

 

First thing is to know the location of your estates and the laws that come with them. There are different laws in the different states that govern the writing of the will and the living family protection trust. It is best to choose one that will not give your beneficiaries a hard time to get their ownership to the assets that you leave for them. Find one that the probate and assets taxes will not be a hindrance to the people you leave behind from accessing what you give them.

 

The other thing is to consider the assets and the probate laws that accompany it when dealing with a will. There are cases that an asset value will be checked first before a probate is involved and even under the wills the probate can be waived away. Then we have assets that can be really brought down by a prolonged period of the probation. This is an example of a business that will have to be closed when the owner passes away as the courts decide on who to give the ownership according to the will. This will negatively affect the business which will lead to losses especially if the beneficiary will have to pay taxes incurred during the closure period so that they may get the license of operation back. This is the case where you as the owner would be best if you write the living trust which does not have the probate involved.

 

When it comes to the taxes to be paid, then you must consider the living trust which has more advantages as compared to the wills from will writing services. But that is mainly depended on the different kinds of state rules governing this. You should also consider the beneficiaries that you have at hand. In a given scenario that you are dealing with young people who are not legally required by the law to own a property, the living trust will give them a way to have ownership after they attain the right age.

 

For more facts and information about wills and trusts, you can go to http://www.ehow.com/info_8646431_disadvantages-family-trust.html.