A trust is simply a vehicle for transferring assets. Trusts are beneficial for parents with minor children and those who want to avoid the hassle of going before the court if their beneficiaries become incapacitated or die.
Do You Really Know?
You don’t know what legal and financial consequences would have on you, your family, your money, and everything you care about if anything unexpected happens. Your assets could be forfeited to the state department for unclaimed property or to an inconvenient public court.
The bottom line is that you don’t know what would occur to you, your family members and all your possessions. Do you think of lavish mansions or party yachts when you hear “trust fund”? Trust funds (or trusts) are an excellent tool for estate planning. Many people with different incomes can use them to achieve a specific goal with their money.
Why you want your family to stay out of court (also known as avoiding probate)?
You may prefer to keep the details of your assets secret from your heirs. Your estate becomes public information if you leave assets through a will. Probate is required for the choice to take effect. A trust is a private document that distributes assets upon your death. Probate can be costly and may tie up assets for long periods in court. Your family may not be able to access your assets as fast as they need or desire, and the court process can be longer than necessary.
You should create a trust if you have minor children. Minors cannot inherit from their parents directly. Name a trustee to oversee your assets. Even if your children have reached adulthood, trusts can be used to protect assets from creditors, legal judgments, and poor money management. If you are unable to manage your finances in the future, you can set up a trust. If you are incapacitated, the trust assets will be handled by a successor trustee.
For those in a blended family, trust can be a fantastic tool. You can provide for your spouse if you are remarried with children from a previous marriage while also ensuring that your assets pass through a by-pass trust.
This trust will allow your assets to pass to your children without estate tax if your spouse dies.
There are many reasons to establish trust. Being Rich or wealthy is not necessarily one of them. Schedule a Call to learn more about trusts and how they might benefit your family. We will help you identify the best strategies for you and your family.
Proper estate planning will keep your family safe from conflict, the courts, and the public eye. Contact us to make a comprehensive estate plan. We will review your existing plan and help you update it to prevent heartache for your loved ones. Book online now.
Limestone County | County in Alabama
Limestone County is a county of the U.S. state of Alabama. As of the 2020 census, the county’s population was 103,570. Its county seat is Athens. The county is named after Limestone Creek. Limestone County is included in the Huntsville, AL Metropolitan Statistical Area.
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Adjacent counties · Giles County, Tennessee – north · Lincoln County, Tennessee – northeast · Madison County, Alabama – east · Morgan County, Alabama – southeast · Lawrence County, Alabama – southwest · Lauderdale County, Alabama – west.
Thanks for your interest. I know you have a lot of options when it comes to legal planning. Harlan D. Mitchell has been the trusted partner of Athens area residents. I look forward to meeting with you. Contact us today.
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