Use Trusts to Protect Your Family
Avoiding probate saves your family a ton of time and can reduce or eliminate taxes and estate settlement fees. However, if your trust is not set up up properly and your assets have not been correctly transferred to it, your good intentions may be in vain.
Creating a trust fund 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 executor or a 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. Depending on your family and your life, an attorney can tailor a Trust to meet your specific 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
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 available for estates of any size.
A Legal Plan is the Easy, Affordable Solution
Starting at just $24.95 per month, a Legal Plan from LegalShield gets you access to an entire law firm in your state.
It’s the simple, stress-free way to cross this critical item off your task list.
- Advice & Consultation: Have questions? A legal plan lets you speak to an experienced estate planning attorney about an unlimited number of legal issues. If they're not available at the time, your attorney will always call you back in 4 business hours or less.
- Last Will & Testament: Your attorney will collect information from you, draft a Last Will & Testament for you, and provide consultation about the document. Our attorneys are committed to preparing your Will in 5 business days or less.
- Power of Attorney: Your attorney can prepare a Power of Attorney and consult with you to ensure your family's health care wishes are protected.
- Living Will: Your attorney can create an advanced health care directive document for every covered member in your family.
- Annual Updates: Get an attorney to update your Will every year as your life changes, at no additional charge.