A Burlington living trust lawyer can help you to understand what legal tools you can use to keep your assets and your family protected. Trusts are versatile tools that can be very useful in reducing the risk of wealth being lost. Trusts can also be very beneficial if your goal is to provide financial help and support or to provide gifts of money and assets to family members. There are different kinds of trusts, with various pros and cons to each, so if you are thinking about trust creation, you need to understand the different advantages that trusts can offer you.
Unsworth LaPlante, PLLC has helped many clients to evaluate whether trust creation is the right choice and has assisted many clients in understanding how the process of creating a trust works. We can explain the different trust types, evaluate your options, advise you on which trust you should create, and help you with the process of creating it. One common trust that we assist our clients with making is a living trust, and this type of trust can benefit you in lots of different ways. Three of the biggest ways that a living trust can benefit you include the following.
A Living Trust Can Protect You In Case of Incapacity
If you become incapacitated, someone is going to have to handle the logistics of managing your wealth. This could range from paying the mortgage and property tax bill on a home you own to managing the investments that you have put your money into to managing a business that you have built.
If you do not make an incapacity plan, then your loved ones could be forced to go to court and spend money on court proceedings so a guardian can be named. The guardian may also not be the person you’d have preferred be in charge of managing your investments. If you create a living trust and you put assets into it, you can name a backup trustee of your choosing who can immediately begin managing your wealth in case of incapacity.
A Living Trust Can Give You Flexibility
When you create a living trust, you can retain the ability to control the trust assets and you can modify or end the trust at any time. This provides much more flexibility than an irrevocable trust would. While this flexibility can have some downsides, such as the assets in the living trust still counting as assets when determining if you can qualify for Medicaid to pay for your nursing home care, the flexibility is still a significant advantage if you want the benefits that a trust can provide without giving up substantial control over your wealth.
A Living Trust Can Facilitate The Timely Transfer of Wealth
When you pass on and you want your assets to pass to your loved ones, there could be a lengthy delay if the assets must transfer through the probate process. If you hope to avoid probate and facilitate the timely transfer of wealth, you can do so by creating a living trust. While a living trust will not allow you to avoid estate tax, if it is owed, since the assets still count as part of your taxable estate, the assets can transfer through the faster and cheaper trust administration process instead of the slower and costlier probate process.
If you have loved ones who are going to be counting on the inheritance that they receive from you to provide them with financial security, you want to make sure their inheritance gets to them as quickly as possible. If you have assets that require careful management by new owners, a timely transfer is also important.
Getting Help from A Burlington Living Trust Lawyer
A Burlington living trust lawyer at Unsworth LaPlante, PLLC can offer you invaluable assistance with creating a living trust, creating an irrevocable trust or creating any type of specialized trust that you may need such as a Medicaid asset protection trust or a special needs trust.
There are too many special rules for creating a trust and too many different options for types of trusts to handle the trust creation process alone without getting qualified legal help. We make the process simple and easy and will work with you to get a trust in place to protect your wealth and your loved ones. To find out more about how we can help you through the trust creation process, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to get personalized one-on-one help. Call today to find out more.