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Paul Marchese Discusses Preparing Your Trust Properly

Preparing Your Trust Properly

Paul Marchese of Marchese & Maynard LLP has helped many people start high-quality trusts that help them protect their money and ensure it goes to the right place when they pass. This process is challenging and requires a careful understanding of how to approach it. Here’s what you need to know and how Marchese & Maynard LLP can help people with this process.

How Paul Marchese of Marchese & Maynard LLP Helps People With Trusts

Over the years, Paul Marchese of Marchese & Maynard LLP has seen many people make mistakes when setting up their trust. These errors are common because people need to understand the best methods for creating trust. Thankfully, this process is more straightforward than it may seem and involves a series of simple steps to ensure you get the best results possible for your needs.

The first step is gathering important documents, such as your titles, deeds, stock certificates, life insurance policies, and cash assets, to provide insight into your financial health. This step is critical because it can help your preparation expert get started immediately and ensure that this process goes smoothly and efficiently for you, including minimizing your paperwork needs.

Once your paperwork is in order, Paul Marchese and other trust preparation experts can help you set your goals for your trust. These include helping a child with advanced education, providing to your family members for the rest of their life, or even setting up a charitable foundation or donating to one or more charities you support.

Your trust will vary depending on your goals, and you must choose one that makes sense. For example, a spendthrift trust can protect your goods from irresponsible beneficiaries, while a third-party special needs trust helps those with disabilities. Bypass trusts can help provide for your married partner, while revocable trusts can help if the beneficiary passes before the trust is passed.

Next, Paul Marchese of Marchese & Maynard LLP can help you set the structure of your trust, including when the assets are distributed, who gets what, and what kind of patterns are available for this process. You also need to choose a service for handling your trust distribution, including working with a distribution attorney to ensure everything is handled properly.

This complex process also includes examining personal property, such as vehicles, furniture, boats, and other collectible items, to ensure they are appropriately distributed. Then, you need to make sure you choose a successor trustee or someone who receives your property and helps execute the trust. Identify someone you can trust to handle this often challenging prospect.

Paul Marchese notes that by following this process with a team like Marchese & Maynard LLP, you can prepare your trust document and transfer the property title properly to ensure that everything is legally binding and appropriate. This way, your executor should be able to distribute your assets after passing.

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