A revocable living trust is a valuable tool for estate planning since it enables you to control and utilize your assets even when you’re still living and then pass them on to your chosen beneficiaries when you pass away. It offers privacy and flexibility, which you won’t get with other options for estate planning.
What Exactly is a Revocable Living Trust?
In Utah, a revocable living trust is made for managing assets included in a grantor’s trust. A grantor is an individual who set up the revocable trust. It can be revoked or altered subject to your wishes. However, while it makes perfect sense to put all your assets in the trust, not all assets like retirement accounts and life insurance can be included in your trust, adds christensenyounglaw.com, an estate planning lawyer in Salt Lake City. You should likewise pick a trustee that can efficiently manage your trust. However, while it’s normal to designate yourself as a trustee so you can better control your assets, you’ll have to assign a trustee to succeed you upon your death. Your chosen trustee will continue managing and protecting your assets in the trust and will allocate them to your chosen beneficiaries as per your instructions. Having a revocable living trust will also enable you to avoid probate, which is an extremely lengthy legal procedure wherein the court will deliberate whether to approve your assets and endorse your will’s provisions. This could take several months and could be costly since you have to consider fees for the court, lawyer, and executor. Put simply, assets included in a will can only be passed on at the conclusion of probate, whereas assets in a revocable living trust can be passed on as soon as possible, if you wish.
Should I Make a Revocable Living Trust?
Ask yourself this: do you want to preserve certain assets for yourself or your family? If you answer yes, then it’s ideal that you make a revocable living trust. Additionally, your age and marital status do not really matter. Ultimately, you should seek help from an experienced estate planning attorney so you can determine if having a revocable living trust is the best option for you.
While ending a marriage is more common in younger couples, the divorce rate among people 50 years old and over has doubled in the past two decades. The reasons are far less melodramatic, with couples noting they grew apart and their past issues have intensified. Calling it quits after 50 is more challenging, as it means splitting up both emotionally and financially. If you are considering divorce at this time of your life, it is important to prepare for the entire process and the challenges ahead. As Lewis & Matthews, P.C. notes, “No one realizes how complicated dissolving a marriage is until one must endure the experience.”
Cooperation and Compromises
To make the process less stressful, cooperation from both parties is necessary. Divorce attorneys note this will also help avoid arguments and make sure both parties are on the same page financially. This may also mean compromising on current lifestyles and life plans to get finances and savings back on track.
Changes and Life Goals
Divorce at this age will make it difficult for you to fulfill some of your life goals. This is because you have to split or divide shared retirement savings with your soon-to-be ex-spouse. It is best to evaluate your ideas from a financial perspective. Do not hesitate to make changes if you cannot afford to achieve your goals. The best thing you can do is to be realistic in funding the things you want in life.
Divorce and Older Kids
Do not assume that your children can deal with pain just because they are old enough to think for themselves. The truth is divorce can be harder on older children. Your kids may find themselves questioning their childhood memories, thinking they were fake or devalued. Some divorcing parents may also turn to their kids for advice and express their feelings about the entire process. Embrace healthy boundaries and talk to a lawyer or counselor for advice. When you are over 50 and divorcing, you should think more about your future instead of dwelling in the past and your loss. While divorce marks the end of your relationship, it can help you build a new life and regain happiness.
It takes completion of a certificate program in paralegal studies, on top of a bachelor’s degree, to be hired by a law firm. An associate degree is good enough for others. In America, there is no specific set of requirements. Nevertheless, work placement is more optimistic for those who complete an internship period.Are you interested in working with attorneys as a legal assistant or paralegal?
Getting Paralegal Training
The job satisfaction of legal assistants now working across America is high. You will enjoy the same privilege if you embark on the first step now. You have to undergo extensive instruction on how to be a paralegal. You may take classes in the traditional classroom setting, or choose to enroll in an online course. Nowadays, more than 900 academic institutions in the United States offer online programs for aspiring legal assistants.Have you ever tried taking an online course? This alternative approach offers many advantages. In this kind of continuing education program, you will enjoy flexibility and a wealth of web-based resources. Overall expenses are also markedly lower than in the traditional education model. Lastly, for students who thrive in learning environments that support their pace of learning, paralegal online degree courses offer unparalleled convenience and comfort, explains The Center for Legal Studies.
Being a legal assistant is not an overly stressful job. Although tasks may pile up at one point, paralegals usually work in environments where people with initiative and motivation can thrive. Once a lawyer hires you as legal assistant, you have to perform very specific tasks. A huge bulk of your time will be spent doing research for the cases your boss is working on. You will also draft legal documents and provide supporting services such as organizing files.As a legal assistant, you can choose to work in the government or the private sector. The average salary today is enough to make thousands of paralegals in America satisfied with their station.