Estate planning can seem like an overwhelming process. At the very least, you likely know that you should create a will. However, what many people don’t consider are trusts. Not many people fully understand these legal tools, so there may be several misconceptions regarding trusts. A trust can be beneficial in helping you achieve what you want when it comes to distributing your assets to loved ones, so it’s important that you understand what they are and whether or not you need one.
The estate planning attorneys of Tressler & Associates can answer all of your questions regarding trusts and help you determine if one is right for you. Here are a few trust questions that people commonly ask.
Like a will, a trust dictates who you’re passing which assets to. A trust is a legal arrangement where you (the grantor) give permission to a third party (the trustee) to hold certain assets on behalf of someone else (the beneficiary). Trusts can provide you with more control over your assets and how your beneficiaries use them, as well as other benefits you won’t get through a will alone.
The various types of trusts available can be split into two categories – irrevocable trusts and revocable trusts. When looking into creating a trust, many people wonder what the difference between the two is and which one will fit their needs better.
While irrevocable and revocable trusts are two broad categories of the types of trusts you can create, there are many more types. There’s no one trust that’s better than another, as they each serve specific purposes. Working with a trust attorney can help you find the trust that works best for you.
Some of the common types of trusts include:
The reason someone may want to establish a trust can vary, as there are many good reasons for doing so. Often, the most common reason for creating a trust is that they give you more control over your assets and help your loved ones avoid going through the probate process. However, there are also other specific reasons why a trust might interest someone, such as the privacy protection trusts have compared to wills. An estate planning attorney can help explain the exact benefits a trust can provide to your unique situation.
When your assets are taken care of by a trust, you might be wondering if there’s any reason you would also need a will. However, it is still advisable that you have a will. An estate planning attorney can help ensure that your trust and will work together if you’re utilizing both.
Everyone should have a will, but who requires a trust in their estate plans will vary. However, trusts aren’t only for the very wealthy, as some might assume. Whether or not you’ll need a trust, you want to feel confident in your choices. At Tressler & Associates, we can help ensure that your estate plans contain everything they need to ensure your wishes are followed the way you wanted.
Contact our trust attorneys today to learn more.
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