Trusts

A trust is the most important part of a person preparing for future eventualities. While not required for an estate plan, almost all clients choose to establish a trust because of its several benefits. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. In most cases, our clients themselves are the trustees and beneficiaries during their own lifetimes. At the point when the original trust-makers pass away, the trust designates another person or persons to take over as trustee, and the trust designates how assets will be distributed to other beneficiaries. Created to aid in the management and distribution of your estate and assets, a trust allows detailed provisions for how and when assets are used or transferred. A trust can also provide and manage finances for those underage or unable to do so for themselves.

Avoiding Probate

When properly established and funded, trusts can help to avoid the cost and time of probate court proceedings. Probate court proceedings are necessary to arrange the assets left in the ownership of a deceased person. Probate court proceedings also govern the assets of a disabled persons who cannot take care of themselves or of their assets. The probate process inevitably leads to higher costs because of legal counsel and to longer delays because of procedural requirements. Because of uncertainty, the probate process can also lead to disputes between family members during an already difficult time. A trust can help establish your specific wishes to your loved ones, saving time and money, while avoiding probate court and conflict within your family.

Trust Amendments

It is important to remember when creating any estate documents that, as times passes, they need to be reviewed to ensure that your wishes are still accurately expressed. Situations may change and you will want your documents to reflect those changes, when necessary. Trusts can be amended for minor changes or rewritten for large changes, depending on the specific situation.

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