Trusts can be an invaluable estate planning tool for a lot of people. Trusts are arrangements where one party holds property on behalf of another party. Trusts are created by a settlor who authorizes a trustee to manage assets for the benefit of a beneficiary or beneficiaries. A well designed trust to be used in a number of situations and unlike a will does not have to go through probate. We will design the best trust for your unique circumstances.
Revocable Trusts
A Revocable Trust lets you transfer property into the trust while you continue to manage it during your lifetime. This type of trust allows you to have your assets managed in an event of incapacity while also allowing you to transfer your assets to your family and friends upon death according to your desires.
A Revocable Trust allows you to serve as both trustee and beneficiary of the trust during your lifetime while authorizing you to designate successor trustees to carry out your instructions in case of incapacity or death. Although you must transfer most of your assets into the trust a Revocable Trust allows you to make changes or terminate the trust at anytime.
Irrevocable Trusts
In an Irrevocable Trust, property is permanently transferred into the trust and it cannot be altered. These trust can be used to protect assets from creditors and avoid the taxes that are involved in other probate matters as well as carry out carefully crafted long term plans.
Irrevocable trusts are useful if you have young children or a special needs family member. A well designed Irrevocable Trust can lay out carefully planned asset distributions to ensure your minor or special needs family member will be taken care of without having to worry about managing the assets for themselves.
If you have any questions about estate planning, wills or trusts, don’t hesitate to contact our office; we would be happy to answer any questions regarding your existing estate plan, or future one