Many people have the idea that trusts are only useful for wealthy individuals or families. To the contrary, however, trusts are actually useful for people in a number of ways regardless of how wealthy you might or might not be. First and foremost, trusts can help you avoid the time and cost involved with the probate process. When you pass your assets to your heirs in a Will, your heirs and beneficiaries must submit your Will to a probate court. They must pay fees and costs during that process, complete the often time-consuming process of cataloging all of your assets and liabilities, and submit those to the court.
In addition, trusts can also provide financial privacy. In contrast to the probating of a Will, assets passed through a Trust do not have to be made public. This feature can help avoid having distant or contentious family members contest the distribution of the deceased assets and can help avoid costly and time-consuming litigation.
Placing items in a Trust can also help you protect assets from creditor claims. Similarly, in some instances you can ensure that when you pass assets through a Trust to your children or loved one, their creditors will not be able to reach those assets.
Trusts are also very helpful if you are part of a blended family. In such circumstances, you may want to segregate assets going to your children from a first marriage or other family members.
Trusts can also be used to protect the assets of elderly individuals and ensure that their assets are used for their care and are properly managed.
At Silvas & Routzon, we explain the benefits of a trust and what type of trust may be appropriate for your needs. We create estate plans that are designed to plan for the future and avoid contests that can lead to costly trust litigation. If you would like to learn more about our legal services and how we can help you, please contact us today to schedule an appointment.
Depending on your situation, the attorneys at Silvas & Routzon can help you decide and draft any type of trust that fits your needs, such as:
- Educational trusts
- Charitable trusts
- Special needs trusts
- Insurance trusts
- Living trusts
- Bypass trusts
- Testamentary trusts
Call us today and let us help you plan for your future and the future of your family and loved ones.