Joint family Advantages and Disadvantages in Joint Family Short Essay by Posted on Saturday, September 2nd, Joint family Joint family is the big part of the life; no one can live without the prosperous of their family. Everyone needs the family support due to any problem. When family comes together, then nobody can break it from togetherness.
A trust is a legal document and arrangement designating a trustee to receive and hold legal title to property and administer the assets in accordance with the instructions in the trust document.
A revocable trust is one that is capable of being changed, amended, or terminated. This is almost the only trust that the average person will ever see. How is the trust better than a Will or using joint property to avoid probate?
Most people should review what they are really trying to accomplish with their assets and consider what is possible.
The cost, although important, is secondary to the goal. The key is that by using the trust we can have our instructions followed. If we put instructions or conditions on a gift in a Will, we have created a testamentary trust.
With the trust we can give guidance even when we cannot speak and that may be during incapacity or after death. When is a trust the best alternative?
There are a number of situations where a trust is the best alternative. Some of them are: A parent may have a child with a drug or gambling problem. In that case the trustee will administer the money.
A Will may not place conditions on gifts and if it does then the probate court must create a testamentary trust. The trust will allow for smooth transition of administration in case of disability or death. The trust can help the person maintain independence and have their instructions followed.
The trust will also direct their gifts after death otherwise the property would go to distant heirs. In this case there may be no children or the healthy spouse may judge that the children need guidance and assistance in the care of their parent. The trust may be made so that the child does not lose public benefits.
Note that tax driven trusts must often be irrevocable to achieve tax saving. They must be irrevocable to achieve the asset protection for the reason that if the settlor could simply revoke the trust then the settlor could be required by a court order to revoke the trust and take the assets back.
How can a trust help in case of incapacity? One of the great advantages of a trust is that it provides for comprehensive disability planning. If the settlor becomes incapacitated, the trust provides for a successor trustee to take over administration of the trust.
The successor follows the instructions in the trust. For example if a nursing home stay is a possibility, the settlor may instruct that all alternatives are considered first.
The settlor may set personal standards of care over and above what the law would require. The trust instructions may require the hiring of independent professionals to monitor the quality of care, to provide for regular visitation and for a patient advocate.
The trust avoids the necessity of having the probate court name a guardian and conservator to manage the assets and make personal decisions.
Once a living trust is established can it be changed? Not only can it be changed, it often should be. In most cases the terms of the trust should be changed or at the very least reviewed on a regular basis to account for changes in your family situation deaths, divorces, etc.
In light of the events of September 11 everyone should review all estate plans to make sure they cover situations they once never considered.
Similar to a will the terms of a living trust may be amended as long as you have the capacity to do so. How does a trust work? Most often the settlor is the trustee with full power over trust assets.
The settlor transfers assets to the trust and the trust is considered the owner. The trust document is given to account holders to make the transfer.
Upon incapacity or death the trust provides for a successor trustee.> Top 10 advantages and Disadvantages of Joint Family. Top 10 advantages and Disadvantages of Joint Family. Family; Top 10 Advantages and Disadvantages of Arranged Marriages. 2. Unity and Togetherness Demerit–it is very difficult for a person to enjoy his privacy as all the family members are living together.
There is a very . May 01, · Best Answer: living in a joint family gives an opportunity to: 1.
learn to share resources better like kicthen, money and many more things it is more of combined resources put into use ph-vs.com: Resolved. 10 potentially fatal injuries that should not happen in a nursing home or assisted living facility and what to do.
VA publishes new rules for Pension program. One advantage of a joint family system is that it provides social support for struggling family members, yet there can often be no personal responsibility taken. Joint family systems are common in traditional cultures where family is valued.
The joint family system is very rarely practiced nowadays. Social media can be a useful tool for businesses, bringing advantages such as engaging with your audience and boosting website traffic.
However there can also be disadvantages, including the resources required and negative feedback. Globalization refers to the interaction of one economy with all the other economies of the world.
This interaction can be in terms of financial transactions, trade, politics,education, production etc. Globalization picked up steam with the invention of newer and newer technologies in .