Trust and real estate laws were developed to address financial assets gained during a person’s life and the disbursement of those assets upon the person’s death.  Trust and real estate laws vary from state to state.  It is important to consult a local attorney who specializes in this type of law.  These attorneys can help you establish the necessary documents to plan for your assets when you die.  Failure to establish these documents can lead to court battles which will diminish the overall wealth of the estate.
 Perhaps the first time a person thinks about planning for their estate is when they get married or have their first child.  The reality of life and the enormous responsibilities of planning for the future of your family often set it at this time.  Trusts are developed to set aside monies for children or family members.  They are important because they establish a timeline for the disbursement of funds and protect the financial interests of your children and family.
 When developing a trust, you will want to consider the amount of money that will go into the account, what it can be used for, and at what age the family member can access it.  Often times, life insurance policies can carry very large sums of money.  A trust can be established to outline where the insurance money will go and at what age the person can access it.  It is a good idea to think long term about the child’s needs.  The child may need to access money for college, a car, and other life needs.  You will want to establish specific guidelines for the use of this money so that the child makes good use of the funds.
 Often times, an executor of the estate will be named.  This is the person who oversees the disbursement of trust funds and acts on behalf of the deceased in their estate matters.  An executor is generally chosen for their knowledge of the family’s financial matters as well as an understanding of how and when the monies should be used according the law.  The executor is usually a close family member or friend who will oversee the future of one’s family upon their death.
 Trust and real estate laws are important to follow.  Failure to have the appropriate documentation in place will result in your assets being moved into probate.  Probate is when the state acts on behalf of your financial interests upon your death.  A probate court will determine who will raise your children, disburse your assets, and settle your finances upon your death.  These important decisions can be made by you as long as you take the time to follow the laws and draw up the necessary documents to plan for your family.  Because these laws vary from state to state, it is important to consult a local attorney for advice.  These documents should be revisited about every five to ten years and updated accordingly.  Anytime there is a divorce, remarriage, or other major life event, your estate planning needs will change.