One of the most common reasons people use trusts is to avoid probate which is a very expensive and time-consuming process, Feldman & Lee notes. And because your assets never go through probate, they will remain a private matter where only your trustee and, in some cases, the trust’s beneficiaries will know about the trust’s assets. Another advantage of having a trust is being able to control the inheritance of your family members even after you have left this world. Your trustee will enforce the wishes stated in your trust, such as a stipulation that beneficiaries can only receive their inheritance after reaching a certain age or after meeting certain conditions. A trust can help ensure that the beneficiaries are ready to manage their inheritances by the time they receive them. And in case you get incapacitated, your secondary trustee can manage your assets for you. When you get better, you can once more resume responsibility for the trust. Some people also make use of irrevocable trusts to protect their assets from creditors. By giving away control over your assets, your creditors can no longer go after them.
Why Hire a Trust Lawyer?
A trust attorney in Marysville can help draft and file all the required paperwork on your behalf for setting up either a revocable trust or an irrevocable trust. Irrevocable trusts mandate that you relinquish control over your assets while you get to keep control and serve as trustee for revocable trusts. In case you can no longer serve as the trustee of a trust, your secondary trustee takes over. You could also name your lawyer as the trustee if you have a large and complex estate and want someone impartial to take over.
A trust is a very important facet of estate planning that you should consider. It offers a lot of advantages for both you and your beneficiaries. A trust and estate lawyer will ensure that your properties are distributed to the right people and at the right time. They will also make sure that disputes are handled properly and efficiently. However, a trust does not contain information such as your last wishes and the guardians of your minor children. You must still draw up a will for that.