Is Establishing A Trust Right For You?
Do you have an estate that may require additional care after your death? Do you want to establish a plan that provides for a minor or disabled person in your care? Do you want to make sure that your estate plan makes your wishes known? The creation of a trust might be the right solution for you.
The attorneys of Paulsen & Reissner, PLLC, have worked with clients in Maricopa County and the surrounding area for years, and we can use that skill and experience to assist you in creating a trust that protects your assets and your family. From exploring your options to ensuring that your trust suits your needs, we will work directly with you to create an estate plan that protects your legacy and your loved ones in the future.
The Advantages Of Establishing A Trust
A trust is a document that typically establishes that one person is tasked with caring for the assets of the person creating the trust. Especially if you have an estate holding real property or an estate that will need additional management in the future, a trust could be a valuable part of your estate plan. How could establishing a trust or trust fund benefit you and your loved ones? It could allow you to put conditions on how and when your property is distributed, help your loved ones avoid the emotional and financial burden of the probate process and protect your assets from taxes, lawsuits and creditors.
Trusts come in many different forms. Some of the trusts available to you include:
- Revocable living trust – The most common type of trust, this trust allows you to transfer property to a trustee but retain the power to change documents or revoke the trust if your goals or life situation change. You can usually establish rules for your trustees through the creation documents that establish how your property can be distributed and taxes will be paid.
- Testamentary trust – This type of trust is created by your will and only comes into effect after you pass away. It can achieve a number of goals, including providing for children from a previous marriage, providing your spouse with income, ensuring that beneficiaries with special needs will not lose their access to government assistance or giving money to charities.
- Irrevocable life insurance trust – This type of trust provides you with a more flexible option and potential tax savings if you have a larger estate. This trust is funded with a life insurance policy.
When navigating these complexities, speaking with an attorney could be invaluable. Your lawyer can help you explore this option and determine whether it is the right choice for you and your estate plan. Should you have your documents prepared already, we will review and make changes to your papers, reflecting the changes in your life.