by mattspahn on April 5, 2012
I’ve been asked by some financial professionals why property would need to be styled in some way other than just in an individual’s name. There are a couple of reasons. Perhaps not all apply to you, but consider the following.
You have a will. That’s nice. Wills transfer property after people die but wills must go through probate (proving up) first. This takes time and money to accomplish and may be difficult in some situations. You have to wait for death certificates; hire an attorney; wait for the court; make everything public; file more papers; wait for creditors to file claims. . . . Wouldn’t it be nice to avoid all this if possible?
There is an alternative called a ‘super will’. That’s my synonym for a living revocable trust. It transfers property after you die, AND it does so instantly. No probate. No death certificates needed. No court. No waiting. No freezing of accounts, even for a few days or weeks. Very private.
This probably sounds much more appealing than the scenario in which there is only a will. You execute the trust. You deed your home to the trust. You make qualified plans payable to the trust. You change the title to bank and investment accounts and CDs into the name of the trust. You’re done. You’re covered.
There are additional benefits to creating a trust. Successor trustees and beneficiaries don’t have to worry about their parents’ incapacity or deaths affecting the assets in the trust. The trust survives death and never becomes incapacitated. The beneficiaries receive the assets protected. That’s right. They receive through the trust itself, which protects the assets from spouses, divorcing spouses, creditors, predators, bankruptcies, judgments and liens.
If your curiosity is piqued, and you are ready to discuss your situation, give me a call today. I’ll make sure you understand your options so that you can make the best decisions for you and your loved ones. We’ll help you put the pieces together.
photo credit: Horia Varlan
by Dejan Jurisic on January 24, 2012
1/23/12 San Antonio, Texas: The Spahn Law Firm of San Antonio is honored to recognize the sacrifices of native Texan Army veteran SSgt. Shilo Harris and his family. Harris was a combat Army Cavalry veteran on his second deployment, attached to the 10th Mountain Division, I-89th Cavalry in Iraq in 2007. Severely wounded when the Bradley vehicle in which he rode struck an IED in southern Baghdad, SSgt. Harris refused treatment until his fellow soldiers were evacuated from the area. He lost three friends and received multiple facial and bodily injuries and burns on over 40 percent of his body. Now as he continues to recover at home in Texas, Harris and his wife are dedicated to helping other wounded soldiers overcome handicaps and disabilities. Harris is a motivational speaker and his wife, Kathreyn, works with the Army Wounded Warrior Project.
The Shilo Harris family is the grateful recipient of a recent visit from Extreme Makeover: Home Edition’s Ty Pennington and team, who traveled to Floresville in January 2012 to construct a new home for the war hero and his family. Members of the Spahn Law Firm staff were among thousands of local volunteers during the construction on the Harris home. The episode from EM:HE is set to air in December 2012.
The Spahn Law Firm wishes to personally convey a heartfelt “Thank You” to a soldier who has endured a long and painful recovery. Law firm president Matt Spahn will work with the couple to create for them a comprehensive estate plan which will meet their needs, now and into the future. Additionally, the firm has arranged for Shilo and Katheryn to attend the Dave Ramsey Total Money Makeover event in San Antonio and they will also receive tickets to select University of Texas San Antonio football games.
Spahn Law Firm is grateful for the dedication and service of all active and veteran military personnel. “I am so honored to be able to donate my services to this man who has given so much to our country in defense of our freedoms. We are passionate about estate planning. It protects what is most precious to people, their loved ones and those things they need in this life. We’re lucky every day we get to do this for clients, who quickly become friends,” stated Matt Spahn, owner and president.
