Get Legal Advice On Setting Up Your Living Trust
Trusts may be set up as part of an estate plan for several reasons. For example, a Living Trust can help with estate tax issues, help avoid probate and address certain family circumstances.
A Living Trust is available at a discount from the provider law firm’s standard hourly rate.
What is a Living Trust?
A Living Trust is a Trust that is established during a lifetime. It distributes assets similar to a Will and helps to avoid Probate. Avoiding Probate can save your family both time and money. However, if your Living Trust is not set up properly and your assets have not been correctly transferred to it, your good intentions may be in vain.
Take care of your children
Testamentary Trusts are created after your death, by the terms of your will. The assets to fund a testamentary trust usually go through probate. A common example of a testamentary trust is one created by a parent leaving assets to a child. The testamentary trust is administered by a trustee until the child reaches a stated age, at which point the assets are then transferred to the child.
Creating a Trust for minor children allows you to set rules for the use of your assets. For example, you can dictate that a child can access the funds only after they reach a certain age. Until your child reaches the designated age, the named trustee could be allowed to use funds in the Trust to pay for your children’s health care, education or upbringing. You could also, for example, stipulate that certain funds could only be used for college tuition payments.
Trusts are a great way to safeguard your children by making sure your money is protected and that it’s used to care for your kids according to your wishes. LegalShield plans offer access to Trusts, either included or at a discount off the provider law firm's hourly rates, depending on your plan.
The right Trust for your needs
Should you use a Living Trust, Testamentary Trust, or a Revocable Trust?
There are a variety of types of Trusts and each one provides different benefits. Trusts can help you:
- Manage estate tax
- Designate heirs
- Care for children with special needs
- Care for minor children
- Give to charity
Assign assets to avoid Probate
Without a proper Estate Plan, your assets—that is, your money, your home, anything you own—will be tied up in the Probate court system.
Probate can take up to 2 years to resolve an estate, running up legal bills of more than $12,000, on average. Transferring assets to a Trust allows them to pass without the hassle of Probate. Trusts are a powerful tool to avoid Probate and are available for estates of any size.
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Frequently Asked Questions
A lawyer can help people clearly outline how their assets should be distributed after they pass away. Lawyers ensure all documents are legally sound and tailored to meet your personal and family needs. Also, they can help set up trusts, name executors, and update plans as life circumstances change, offering peace of mind and legal protection.
Generally speaking, it’s a good idea to get legal advice on any Wills and estates issues to ensure that your rights, and those of your loved ones, are protected.
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