Create Or Revise A Trust To Secure Your Legacy
When the time comes for your assets to change ownership after the end of your life, how many burdens will people handling your estate be taking on? How easy or how difficult will your testamentary documents be for your spouse, children, selected charity or other involved parties to follow?
To answer these questions as positively as possible, many people elect to put their assets in trusts rather than leave the entire process to the probate court.
What Happens To Your Assets After Death?
Whether you die with or without a will, an executor or executrix (a personal assistant) will be responsible for fulfilling legal obligations and distributing assets. Specifics will be determined through the state laws and the probate process. Many people find probate to be daunting and, instead, rely entirely or mostly on estate planning, including trusts, to pass on assets as effortlessly as possible.
Trusts may be created as part of a will or as stand-alone documents. Examples of the most popular trusts include:
- A revocable living trust: This type of trust keeps assets in control of the person who created the trust while he or she is living, and upon death, this role is assumed by a trustee. The person can change or close this kind of trust up until the time of death.
- An irrevocable trust: An irrevocable trust cannot be changed or closed, even by the maker’s wishes, without approval of the named beneficiaries. Someone might set up this kind of trust to prevent unintended alteration by a spouse or for other reasons. This type of trust, when created properly, keeps assets secure for their intended purpose.
- A charitable remainder trust: This is a tax-exempt trust designating assets to a named charitable cause, to be paid after other beneficiaries (such as a spouse and/or children) have received their designated share for a period of time.
- A special needs trust: This type of trust is typically created for the benefit of disabled adult children or siblings. Another name for it is a supplemental needs trust. A trust of this type may allow the designed disabled person to continue to receive government-provided benefits (such as Medicaid) while also using assets from the trust for “extras.”
The most expedient and satisfactory way to understand, select and create one or more trusts is through a thoughtful conversation with a knowledgeable estate planning lawyer. At Bogutz & Gordon, PC, we listen first and then offer customized counsel. Our goal is never to oversell legal services but rather to meet clients’ needs.
Contact Us Today For Help In Creating A Trust
We cannot escape the inevitable facts of life and death, but we can exercise our influence wisely, whenever possible. A trust keeps legacy-making within the hands of ordinary people. Let our estate planning lawyers guide you efficiently through this process. Call 520-321-9700 or send a message through this website to schedule a convenient initial consultation.