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Trusts

Living Trusts - Charitable Remainder Trusts - Irrevocable Trusts

Many people starting to think about an estate plan focus on writing a will. They believe that creating a trust is only for very wealthy people. However, if you have savings, house, pension plan, or life insurance policies, a trust may be the best way for you to preserve these assets for your heirs. A trust also allows you to determine the timing and circumstances of a gift. One type of trust, a living trust, allows you to control and benefit from your assets during your lifetime while making sure your heirs are protected after you die.

Trusts are not only for the wealthy

Attorneys counsel people on choosing the trust instrument that meets their goals and situations. Lawyers work with wealthy individuals as well as people of ordinary means and conventional sources of income such as salaries and 401Ks. It is important to talk with an attorney who can advise you about establishing a trust based on your financial circumstances.

Examples of popular trusts

A probate lawyer works with clients to set up all types of trusts, including:

  • Living trusts that allow heirs to avoid the delays and public scrutiny of the probate process
  • Special needs trusts that can protect disabled children and other heirs
  • Survivor's trust that divides assets to avoid estate taxes
  • Bypass trust that protects larger estates from estate tax
  • Credit shelter trust that is similar to the bypass trust
  • QTIP trust in conjunction with a bypass trust that allows the trust creator to benefit non-spousal heirs while protecting a spouse
  • Spendthrift trusts, which limits access to capital by an heir
  • Charitable remainder trusts that benefit a non-profit organization while providing benefits to your heirs

Many of these trusts can be living trusts, converting to another type upon the death of the testator. Speak with a knowledgeable lawyer to discuss ways you can protect your assets, benefit your heirs, and protect your family by establishing a trust.

Lawyers can create trusts that work for you and your heirs

Find a lawyer who has the experience and knowledge of the current laws of trusts to create an instrument that meets your goals for your estate, avoids disputes, and stands the test of time.