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Trusts Attorney Overview

Lawyer Assistance Creating Estate Planning Documents

No matter your age, it is important to make plans for what you would like to happen after your death. While a creating a will is an essential step that can ensure that your last wishes are carried out correctly, there are other methods that can ensure that your assets are safeguarded and passed on to your heirs. One of the most helpful ways to do so is through a trust.

When creating a trust, it is important to work with a skilled estate planning attorney who understands the laws in your state. An experienced lawyer can tailor your estate plan to meet your family's specific needs, protecting and preserving your assets and providing your loved ones with the financial resources they need.

Types of Trusts

A trust is a legal agreement in which a person (the grantor) places assets under the authority of another person (the trustee), allowing them to manage these assets and providing instructions for how they should be transferred to the beneficiaries named in the trust. There are several types of trusts, including:

  • Revocable trusts - These trusts allow the grantor to make changes during their lifetime at their discretion.
  • Irrevocable trusts - Once assets are placed into this types of trust, the terms of the trust cannot be modified. These trusts are often used to safeguard assets against abusive family members, creditors, or estate taxes.
  • Living trusts - A person may place assets into a trust, designating some to be passed on to beneficiaries and some to be used to provide for their own needs near the end of their life. Living trusts can be revocable or irrevocable, depending on the grantor's needs and wishes.
  • Testamentary trusts - A trust may be created as part of the terms of a person's will, with certain assets being held to be passed on to beneficiaries at a later date.
  • Special needs trusts - If a person wishes to pass their assets to a person who is disabled or has special needs, this type of trust can be used to provide for the beneficiary's needs without endangering their ability to receive public assistance.
  • Charitable trusts - These types of trusts allow a person to designate certain assets which will be donated to one or more charitable organizations either during their life or after their death.

Trusts can provide a number of benefits, including the flexibility to alter their terms and ensure that certain conditions are met before assets are passed on to beneficiaries. In addition, trusts provide family members with a greater degree of privacy, since unlike wills, they do not need to be filed publicly in probate court.

An experienced attorney can provide invaluable guidance in determining whether a trust is the best option for your estate plan, selecting the right type of trust, and creating an agreement that meets your family's needs.

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