When A Trust Is A Good Option
The value of effective estate planning is that it allows you and your family to rest easy knowing that you have planned for your future.
A trust often helps an estate avoid the probate process. This means that assets do not have to go through the governmental process of assessment and disbursement, but rather are distributed directly to the intended recipients.
A Trust Type For Each Situation
A trust can be simple or complex, depending on the desired outcome. We can discuss the type of trust that best meets your goal. We can create many types of trusts, including:
- Revocable living trusts
- Irrevocable trusts
- Insurance trusts
- Various grantor and personal residence trusts
- Pooled-income trusts
- A trust for a minor who has special needs
- A trust that provides supplemental income for a family member
A complete estate plan can contain a will and health care documents in addition to a trust.
What A Trust Does
When you create a trust, you make it possible for an appointed “trustee” to hold assets and then pass these assets on to the beneficiaries. You can set up and then control where and to whom your assets go.
Through a trust, your beneficiaries will receive the assets you have left for them more quickly and privately since trusts are outside of probate and the probate process is avoided for trust agreements. This saves your estate, executor and beneficiaries time and court costs.
A trust can also spare your estate some taxes. For example, since an irrevocable trust is not typically considered part of your taxable estate, this means that fewer taxes will have to be paid upon your death.
Get The Trusted Guidance You Need
Call Shivers Law Group and arrange a free consultation. Meet with a member of our team and find out which option is best for you. There we can discuss benefits, cost and next steps. Call 631-438-1965 or send us an email.