There are a variety of reasons to consider using a trust in your estate plan to protect your assets. A trust can establish a point in time before your death to distribute your property to named beneficiaries. Property in a trust is also not subject to tax requirements. If you intend to set up a trust, do so with a seasoned estate planning attorney by your side.
You deserve to have control over the assets you’ve worked hard for, but mistakes could lead to avoidable delays in the distribution of your property and financial consequences for your loved ones. Fortunately, you do not have to manage this important task alone. A Somerset trusts lawyer at Sechler Law Firm, LLC, could provide the support you need.
You must fulfill every legal requirement of a trust for it to perform its intended purpose. First and foremost, it is necessary to select the appropriate type of trust. An irrevocable trust cannot be changed once created, while a revocable trust can be altered at any point during your lifetime. This is an important decision, and a Somerset attorney could answer questions about the different types of trusts to help you decide on a plan that suits your needs.
Creating any type of trust involves paperwork known as trust documentation. These documents establish what property will be placed in the trust and name the beneficiaries who will receive which assets. Assets in a trust are no longer the property of the trust’s creator, so you must also select a trustee to oversee these assets while they are in the trust’s possession. You must also sign trust documents in the presence of a notary public for them to be considered legally binding.
You didn’t work hard to have your savings threatened by complicated government rules and tax requirements. Our attorneys are focused on providing both education and legal representation to help you navigate these requirements and control your future.
There are many complex elements involved in the process of creating a trust. Failing to complete any of these requirements could have severe consequences. Even a minor error in the trust paperwork can leave assets vulnerable and lead to a lengthy probate case. A Somerset attorney could help avoid these pitfalls during the trust creation process.
Every asset in a trust must be carefully documented along with its financial value. Someone with substantial or unique assets may find this process challenging. A detail-oriented attorney could help catalog the assets a trust creator would like to protect. For rare or uncommon assets, finding the right appraiser without the help of an attorney can be difficult.
Issues with assets can arise even after you no longer have control over a trust document. Unexpected delays can arise during the probate process and leave beneficiaries financially vulnerable. Our legal team could also provide guidance on the administration and distribution of assets to ensure property remains protected.
Trusts can provide a flexible option for planning your estate. However, forming and funding a trust is a complicated task. Compassionate legal counsel could assist with protecting your assets and your family’s financial well-being.
We want to help you protect what your family has worked hard to earn. A Somerset trusts lawyer could listen to your needs and help you prepare for the future. Contact us to schedule a confidential consultation.