Moran & Associates is a trust law firm in Palm Beach, Florida that can assist you with the creation of a trust as part of your estate plan. Trusts are used by individuals and families as part of their estate planning process when they want to avoid probate, obtain protection for beneficiaries from creditors, predators, and provide inability and disability protection for themselves, as well as reduce certain estate taxes.
With a trust, your family may not only have access to your assets more quickly than if your assets were passed to your beneficiaries through a will, but also have creditor and predator protection via keeping certain assets in trust for your beneficiaries and dispersing it over time. Further, in the unexpected event of incapacity or disability, a trust can avoid the expensive and unnecessary cost of an incapacity proceeding and guardianship, which drains assets from the estate.
The benefit of a trust is that it can save your family money and time when it comes to taking a will to probate, and it can allow you to pass your assets on to your family without the added burden of court fees, court dates, and other costs. A trust also gives you added control over when assets are distributed to your loved ones, which can help you budget how your legacy unfolds long after you pass away.
When it comes to deciding whether to use a trust or a will as part of your estate plan, having a trust lawyer to guide you can be helpful. Moran & Associates is a trust law firm in Palm Beach, Florida that can evaluate your financial situation and help you decide what the next steps can be for your estate plan. Contact our firm today for guidance.
What are Some Benefits of Using a Trust for Your Estate Planning?
There are many benefits to establishing a trust as part of your estate plan. One of the benefits of establishing a trust is the added control it can provide you. With a trust, you can decide when your beneficiaries receive your assets, how much they receive over time, and you can even set certain conditions that must be met before your assets can be distributed.
So, if you have children and are worried that they might spend all your wealth if they inherit it all too early, or if you have a family member with special needs who requires additional oversight of assets and distribution, a trust is an excellent option that offers you added control over your legacy. With a will, your beneficiaries get everything at once and they can then do whatever they want with the money. With a trust, you can stipulate where the money goes, to whom it goes, and a time frame for distributions and access.
Another benefit of using a trust as part of your estate planning process is the added privacy it provides you and your loved ones. When a will goes to probate, everything can end up on the public record, meaning that the public can find out information about the value of your estate and assets. With a trust, everything is handled privately. Finally, with a trust, you can reduce the costs of probate and help your loved ones reduce their estate tax burdens.
There are different types of trusts you can establish. The two primary trust options available are revocable trusts and irrevocable trusts. With a revocable trust, you continue to have control of the property while alive, but you can also name beneficiaries to take over the trust should you become too sick to manage your accounts or should you pass away.
With an irrevocable trust, property and assets are no longer under your control, and the trust cannot be changed. Irrevocable trusts can help you reduce the value of your estate for estate tax purposes, protect assets from creditors and lawsuits, and help you or a loved one meet Medicaid eligibility requirements.
These are just some of the trust options that may be available to you and your family. There are many different types of trusts available. The key thing to keep in mind with a trust is that they can cost more to establish and will require some costs to maintain over the lifetime of a trust. But for some estate planning purposes, these costs may be worth the benefits.
That said, a trust might not be the best option for all estate plans. If you don’t have many assets, need to establish a trust for a disabled loved one, or if your estate tax burdens are likely to be low, a trust may not be required. Ultimately, working with a trust lawyer in Palm Beach, Florida like Moran & Associates can help you understand which type of estate plan might be best for you.
Let Us Help You with Your Trust
Moran & Associates is a trust law firm in Palm Beach, Florida that understands that each family’s estate planning situation will be unique. The type of trust you’ll need to establish will depend largely on your family’s needs. Consulting with a trust lawyer before you make a decision about which trust to use is a wise course of action.
Putting in place a trustworthy trustee to manage your trust is also important. When established correctly, a trust can save you and your family money in taxes and probate expenses. It is important to establish a trust correctly, and to take into account other aspects of your estate unable to be included in a trust.
Most people who use a trust as part of an estate plan also have a will in place and other estate planning documents to protect the entirety of their estate. Moran & Associates is a trust law firm in Palm Beach, Florida that can help you take all these factors into account.