Appraising in Delaware, the Blog...

October 17th, 2023 7:12 PM

What is trust preparation?

Trust preparation involves creating a legal entity, known as a trust, to hold and manage your assets for the benefit of your chosen beneficiaries. It allows you to dictate how your assets are distributed, minimize estate taxes, and protect your assets from creditors.

Why is trust preparation essential?

Trust preparation is essential for individuals who want to ensure their assets are distributed according to their wishes. It provides a level of control and flexibility that other estate planning tools may not offer.

What is an appraisal?

An appraisal is a professional assessment of the value of a specific asset or property. It is conducted by a qualified appraiser who takes into account various factors such as market conditions, comparable sales, and the condition of the asset.

How does an appraisal enhance trust preparation?

By obtaining appraisals for your assets, you can accurately determine their fair market value. This information is crucial for effective trust planning as it ensures your assets are correctly accounted for and distributed in alignment with your estate planning goals.

Do I need an appraisal for every asset I include in my trust?

While it is advisable to obtain appraisals for high-value assets, such as real estate, it may not be necessary for every asset. It is best to consult with an experienced estate planning professional who can guide you on which assets require an appraisal.

How often should I update the appraisals for my assets?

It is recommended to review and update appraisals regularly, especially for assets that are subject to significant fluctuations in value. Changes in market conditions, improvements or damages to the property, or changes in the purpose of the asset may warrant an updated appraisal.


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