You have worked hard for your assets and property, and you want to ensure it falls into the right hands when you are gone. A trust is a legal device that can be used to store valuable assets and transfer them to a third party upon your passing. Using trusts is a common part of the estate planning process, as they can help you avoid probate court and streamline the inheritance process.
When you have questions about whether a trust makes sense for you, a skilled estate planning attorney has the answers. There are several types of trusts available, and it is vital to choose the best option for your unique circumstances. A Wexford trusts lawyer from our firm is available to help you develop an appropriate estate plan.
There are many different forms of trusts. When it comes to trusts that are designed to be a part of your estate plan, there are options for both revocable and irrevocable terms. Both have their benefits and drawbacks, and a Wexford trusts attorney can help you weigh your options.
A revocable trust is a flexible option that allows for changes to be made during the lifetime of the trust creator. As the name suggests, the person that creates this trust has the power to modify or revoke it at any point. This may involve changing the ownership of the assets, changing beneficiaries, or ending the trust completely.
This is a viable option for anyone that wants to retain control of their assets during their lifetime. However, the tax benefits for this type of trust are limited compared to irrevocable trusts.
The terms of an irrevocable trust generally cannot be changed once they are created. As soon as you transfer an asset to the trust, you no longer own it. However, it is possible to create trusts that provide you with income related to these assets during the course of your life.
In addition, the tax benefits that come with this type of trust are significant. For example, creditors cannot reach these assets given that you no longer technically own them.
There are plenty of reasons why a trust might be a smart idea. The benefits cover everything from taxes to the probate process including :
A Wexford trusts attorney can provide you with more insight into why this estate planning tool might be a good fit for you.
Help your family prepare for the unexpected. Now is the best time to consider the future. A trust might be the perfect tool for you to plan your estate and provide for your loved ones. However, trusts are also complicated and should not be handled without legal advice.
Let a Wexford trusts lawyer assist you with your estate planning needs. Call our firm as soon as possible to discuss your options.
