Burlington trust attorneys can help you to decide if trust creation is the right choice for your estate planning or for your asset protection goals. We can also help you to choose between different types of trusts, including a revocable living trust and an irrevocable trust, and can assist you in understanding when you might need to create a special kind of trust such as a special needs trust.
Many people don’t realize that trust creation could be beneficial for them. It’s very common for people to think of trusts as something only very wealthy people create. This isn’t the case, though. In fact, many people in the middle class could reap significant benefits from creating a trust as a trust could help them to better take care of their assets, heirs or beneficiaries.
To find out about trust creation and to get personalized advice on whether creating a trust is the right choice for you, give us a call. You can also read on to find out about five key reasons why you might wish to create a trust.
1. Create a Trust to Protect Assets in Case of Incapacity
One of the most important reasons to create a trust is to assign a responsible and reliable person to manage assets if you cannot. When you create a revocable living trust, you can make yourself the primary trustee responsible for managing assets — and you can name a backup trustee. The backup trustee will have immediate and absolute authority to manage assets held within the trust if something happens to you. Your wealth will be protected because you won’t have to wait for your loved ones to go to court to get a guardian or conservator named and you won’t have to worry about who the court chooses to manage assets.
2. Create a Trust to Pass Assets More Quickly to Loved Ones
If you create a trust, assets held within the trust can transfer through the trust administration process. This can be much quicker than the probate process, which Investopedia estimates may take around a year for completion. When your family was reliant upon you for financial support and you pass away, hopefully an inheritance will be provided to help them maintain financial security. Unfortunately, waiting a year to get an inheritance that they’re supposed to use to help support them can make it very difficult to stay afloat financially. Passing assets through the trust administration process ensures they get the assets much more quickly when they need their inheritance.
3. Create a Trust to Protect Your Privacy
If you transfer assets through the probate process, the process becomes court record and can be accessible to the public. You don’t want your family and financial affairs to be known to the judge and anyone else who cares to look at court records, so creating a trust to transfer assets outside of court in the trust administration process can be a much better choice.
4. Create a Trust to Take More Control Over Assets
When you leave assets to someone in a last will and testament, you can’t really control what the wealth is going to be used for and you’re limited in the restrictions you can impose. A trust gives you much more control, depending upon the kind of trust you create. You could specify, for example, that the trust is to be used only to pay for a grandchild’s education. When you create a trust and leave assets to a minor or a disabled person, you also get to choose who will manage the money for the heir who doesn’t have capacity to manage the funds himself.
5. Create a Trust to Maximize The Chances Your Assets Will Go To Desired Heirs
If you pass assets through a last will and testament, there’s always a chance the will won’t be probated because someone successfully contests a will. Contesting a trust is much harder and much less likely to be successful due to ongoing involvement in the trust, so you can reduce the likelihood that your wishes won’t prevail.
Getting Help from Burlington Trust Attorneys
Burlington trust attorneys at Unsworth LaPlante, PLLC can help you to determine if there are other specific reasons why you might need to create a trust. We can provide personalized guidance specific to your situation regarding what legal tools are the best for you to use.
To find out more about how our firm can help you with trust creation, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to talk with a compassionate and knowledgeable member of or legal team about creating your plan to protect your assets and provide for your loved ones. Call today to learn more.