~ Trusts ~
Why You Should Use a Lawyer for a Trust
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan.
A trust is a legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. The trustmaker transfers ownership of certain assets to the trust and the trustee, and the trustee then manages them for the benefit of the beneficiary or beneficiaries.
Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes. They also include the following benefits.
- Control of Your Wealth
- Protection of Your Legacy
- Privacy and Probate Savings
Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly over time than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.