A properly crafted trust is an important part of any estate plan and offers
many benefits to protect the interests of your family and heirs.
Trusts allow you to legally articulate how and when your assets should be distributed.
Depending on the type of trust you choose, trusts can help avoid costly, time-consuming and public probate court proceedings, reduce gift and estate taxes and speed up the distribution of assets to your heirs.
They’re not just for the wealthy, either. Trusts can be established to contain millions of dollars in assets or very little property at all. They’re important to anyone who wants to ensure that their heirs receive the maximum amount of an estate’s assets possible.
One of the more common forms is the Revocable, or “Living” Trust, which protects your assets if you die or become mentally or physically unable to manage your assets. Marital trusts protect the interests of surviving spouses from estate taxes. Family trusts or credit shelter trusts can avoid beneficiaries being changed or the assets being combined with another family if the survivor remarries. Special Needs Trusts protect the interests of beneficiaries who are mentally or physically disabled.
Indeed, there are many different kinds of trusts available. Some are more complex than others, and each one comes with its own set of pros and cons.
Promise Law attorneys will help you sort through it all and decide which kind of trust is right for you and your family.