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Throughout your lifetime, you work hard to provide for your family, acquire assets, and purchase property to call your own. For many, however, planning what to do with lifetime achievements gets put off. Making estate planning a priority allows you to decide how your assets will be divided. You can also determine who will be ultimately responsible for ensuring your wishes are carried out. One way this is done is by using trusts. These allow for a structured release of your assets over the course of a designated time frame. Whether you are anticipating contentious family disputes, wish to pass your assets to children who may not be old enough, or want to designate a charitable organization to receive benefits, trusts allow you the flexibility to create the terms as you want them.
Estate planning can be simplified with the help of the estate planning attorneys at Pinnacle Law. You can rely on their experience and knowledge to help you decide if a trust is right for you. If it is, they can also guide you as to what type will meet your needs. You can create a structured plan that seeks to:
Trusts offer several advantages that other estate planning options do not. These benefits include:
One of the many benefits of a trust is that there are several options to help fit your needs. The three most common are:
Other forms of trusts include:
There are many elements to consider in the establishment of a trust. These include:
Working with an estate planning attorney can help ensure that it is handled properly. You can make certain that your wishes are spelled out exactly as you want them.
One benefit of a trust is avoiding probate. However, that also highlights one of its greatest complications: trusts are bound by what you decide to include. Once it is established, that becomes the law of the trust, and it must be followed. That means the process of creating a trust can be long, arduous, and full of legal terminology. To ensure it is done right, you and your attorney will work with your designated trustee to ensure that everything is correct and easy to understand.
A: Trusts are a way for you to create a legal contract that defines the way your assets should be managed. These instructions can apply both during your lifetime and after your passing. Trusts have several potential tax benefits and provide privacy. They are an appealing option for many who wish to set their own parameters on asset usage and distribution.
A: There are many components to estate planning. Therefore, knowing these aspects can empower you to make the right choices as you approach the process. The five main components are:
A: Estate planning helps you feel more comfortable with how your assets will be handled. Nevertheless, proper estate planning ultimately protects your loved ones or other beneficiaries. In certain instances, they can be protected from:
A: A trust fund is a structured estate planning tool. It sets aside money or assets that will be distributed to any beneficiary named in the trust. They are designed to carry out the wishes of the person who is establishing the trust. They are overseen by a designated trustee in cooperation with an estate planning attorney.
You may have many questions about your estate and whether a trust is a viable option for you. Scheduling a consultation with the trust lawyers at Pinnacle Law can help provide the answers you need. They can help you make the right decisions about how your assets should be handled. With proper planning, you can take comfort in knowing that what you have will be handled with care even after you are gone. Contact our offices today.