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What To Consider When Creating a Trust or Living Will

Creating a trust and living will is not fun, but it’s a necessary step to establishing a solid financial plan and making sure your final wishes are carried out as intended. Fortunately, with the help of experienced and knowledgeable professionals such as a financial advisor and/or estate attorney, the process doesn’t have to be difficult. However, thoughtful consideration and planning are both required. Here we explain trust and living will documents and the most important things to consider when creating both.

What to Consider When Creating a Trust

A trust is an important legal document that establishes a fiduciary relationship where the ownership of assets is transferred to another party (or parties) and managed by a trustee. Establishing a trust is a critical component of any solid financial plan especially for individuals who have assets worth more than $100,00. Not only are there financial benefits to establishing a trust, but it is also key to protecting the financial futures of loved ones.

Before a trust is created, the following items should be carefully considered:

  • What individual do you want to manage and oversee the trust (the “trustee”)?
  • Who will receive the benefits of the assets upon your death (the “beneficiaries”)?
  • Do you want a revocable trust that allows you the opportunity to easily undo the terms?
  • Or do you want an irrevocable trust that provides maximum benefits in terms of asset protection, estate planning, tax advantages, Medicaid planning, and avoiding probate?
  • What assets do you want to be included in the trust? This may include cash, life insurance policies, investment accounts, precious metals, and companies.
  • What financial goals are you trying to accomplish by setting up a trust? Common goals include avoiding the probate process, reducing estate taxation, preserving assets for charities, retaining control over wealth distribution, and protecting assets from creditors or a nursing home.

Interested in setting up a trust as part of your financial planning? Contact the financial advisors at Maggi Tax Advisory & Financial Group!

What to Consider When Creating a Living Will

A living will is a legal document that details the end-of-life procedures or medications you wish to have (or not have) to prolong your life should you be unable to communicate these wishes on your own. Once you have decided to create a living will, there are important items to consider, some of which include:

  • What do you want to happen if you can no longer breathe on your own?
  • If you can no longer feed yourself or eat through your mouth, would you be willing to “eat” through a feeding tube?
  • What type of pain management or end-of-life drugs or procedures are you comfortable having to prolong your life?
  • Do you want a DNR (Do Not Resuscitate) or DNI (Do Not Intubate)?
  • Are you interested in becoming an order donor?
  • Do you have a special medical condition that needs to be included in the living will?

Estate Planning at Maggi Tax Advisory & Financial Group

By establishing your financial and medical wishes well before they are needed, you are ensuring that your assets will be distributed as intended and your medical wishes will be carried out. If you are interested in setting up a trust and/or living will, please contact Maggi Tax Advisory & Financial Group at our Hillsborough office at (813) 829-1924 or our Pinellas/Pasco location at (727) 493-7295.

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St. Petersburg, FL 33713

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