Trust Lawyer

There are a couple main aspects of every estate plan, and these two include a will and trust. Most people have heard of a will before, but may not be sure what a trust is and whether they need one or not. In general, trusts are more complicated compared to wills. As a trust lawyer offers, if you haven’t written a trust yet, here are some reasons that you may want to get started today.

A main reason that people write an estate plan is to prevent their estate from undergoing probate, which is a court overseen process of verifying someone’s estate and then distributing it to beneficiaries. A trust helps ensure that an estate avoids probate, so that loved ones won’t have the added stress of dealing with a court process during their time of grief. Probate can also delay when beneficiaries receive assets, which can cause undue financial hardship in the meantime. 

Having a trust is a useful way to reduce, and at times eliminate, estate taxes. By giving assets into the trust itself, you can decrease what is taxed for your estate. There are several different types of trusts to write, but most of them consider the effect on taxes. Here is a list of the various kinds of trusts that you can pick from.

• Joint trust
• Living trust
• Irrevocable trust
• Revocable trust
• Pet trust
• Special needs trust
• Testamentary trust
• Asset protection trust
• Blind trust
• AB trust
• Spendthrift trust
• Insurance trust
• Credit shelter trust
• QTIP trust

There are many motivations for writing a trust. It can be a tool for parents who want more control over how assets will be distributed to their kids. A trust can avoid probate, and protect loved ones in worst case situations. No one wants to willingly imagine scenarios such as end of life care, but you can include such wishes in your trust so in the event of your incapacitation, your loved ones know how you want to be taken care of. If children have medical challenges or special needs, a trust can offer protection after parents have departed. A trust can be established to offer financial assistance for the long-term for children in need. Bear in mind, if beneficiaries named are non-US citizens, this could impact the integrity of your trust.

Trusts are a helpful way to designate how much assets will be distributed to chosen friends, family, or charity organizations after your death. When devising your estate plan, you will have to choose beneficiaries for your assets. Once you have taken the time to establish a trust, they are low energy to maintain after that. With your wishes listed in a trust, and whom you assets to be given to, there won’t be confusion about how your legacy should be handed down to future generations. Anyone who wants help writing a trust or has an estate planning related concern, can reach out to a law firm near them for assistance, similar to the team at Carpenter & Lewis PLLC. Those who have a trust written often find they have a sense of relief knowing what the future will hold and that their loved ones will be taken care of.