Most people know they need a legal document to protect their financial holdings after death, and the first thing which comes to mind is a will. However, sometimes drafting a will is not enough to protect your assets after your passing.
A properly crafted trust may allow you to bypass probate—the legal process that happens when a person dies and their estate is distributed. Through a trust, the trust-maker’s assets can be passed on to a beneficiary after death.
Trusts are agreements which allow a third party—the trustee—to hold assets on behalf of a beneficiary. They can range from simple and standard, to very complex.
Trusts can be used for a variety of financial situations. They offer many advantages, even before an estate is distributed, including protecting your property from creditors and other tax benefits.
Additionally, certain types of trusts are flexible and fluid documents. Many types of trusts can be modified, after a trust is created, you can modify the terms, sell property owned by the trust or revoke it altogether.
When it comes to money, it is equally important to protect your financial assets after death as it is while you’re alive. Creating a trust can spare your family the complexities of probate court, and make a difficult time a little easier and less stressful.
A professional attorney can help you navigate the complexities of a trust, and craft an agreement which will effectively manage and protect your assets after your death. A trust also provides peace of mind, knowing your assets will be taken care of in the future.