Trusts

Trusts are fiduciary arrangements that allow a trustee or third party to hold assets on behalf of a beneficiary or beneficiaries. There are many types of trusts, but the purpose is to control how your assets are distributed, when they are distributed, and to whom.

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Trusts are similar to wills in that they include your assets and end-of-life wishes, but unlike a will they offer more options and control over how the executor handles allocation. Trusts commonly avoid probate and wills do not, meaning that a will may have a waiting period of six months or more before beneficiaries will receive your assets upon your death. Trusts, however, have no waiting period, and assets will be transferred to your beneficiaries much quicker. Trusts are initially more expensive than wills but have the added benefit of saving court fees and, in some cases, significantly reducing estate taxes. In addition a trust:

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• Gives you more control over your wealth: You can decide if you would like a revocable or irrevocable trust and what is included or not included. Generally, people will include all items of significant monetary or sentimental value, whether that is a house, rare car, business, heirloom, etc. Then, they will decide how and when those items are distributed.

  • This is important for small business owners who may not want their 18 year old child in control of their business when they pass, and instead want it to transfer to them at 25 or after business school or any other legal specifications they would like to make.

• Better protection of your legacy. A trust created by an attorney can help to ensure that the assets being passed down are safe from the beneficiary's creditors and can help a more irresponsible beneficiary from using the assets in frivolous or wasteful ways.

  • Maybe, you would like your child to be able to use the money you leave for a house or their education. With a trust, you can ensure that the money will be provided for certain purposes and not just given to them all at once without supervision.

• Saving money and increasing privacy. Many people do not mind having the probate for their will being made public. However, families who have certain relatives that they know may be problematic or have larger assets that they would not like made public may prefer the privacy that a trust provides.

  • Not only will the trust keep assets from entering probate and being recorded, it will reduce the court fees and estate taxes that your dependents would be responsible for.​

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Our trust packages include medical directive, power of attorney, and all of the documents you need to ensure that your family, legacy, finances, and privacy are protected.

 

All consultations for estate planning or updating your existing estate plan are FREE.