Estate Planning Lawyer
Have you ever thought about getting a trust? Some people believe that if they don’t have a lot of wealth, then they can get away with having a will, rather than a trust. In some instances, a will is a better choice. However, in others, a trust can be more beneficial. There are a lot of reasons to talk to an attorney about putting together a trust. Here are some of the reasons why you should consider a trust.
Efficient Wealth Distribution
You can have a lot of control over wealth distribution. On one hand, a trust makes it easier for you to avoid probate, which comes along with wills. This makes it quicker and easier for your assets to be split among survivors. Likewise, you are able to control how it’s distributed. For instance, you can limit you children’s inheritance until they are old enough to manage money. You can protect your beneficiaries from overspending or wasting money by limiting access. You can even make sure that your beneficiaries spouse cannot access all of the trust funds in case of a divorce.
Reduces Estate Taxes
If you’re married and have a revocable trust, you may be able to take advantage of federal and state tax exclusions. After the death of a spouse, the assets in a revocable trust are used to fund a family trust. These assets can grow free from estate taxation at the surviving spouse’s death. The balance of the assets is free of estate tax when transferred to the surviving spouse. There is a lot of potential in the estate tax-free growth of the funds in a family trust.
Protection from Creditors
If you have a beneficiary that is susceptible to lawsuits, then you may want to have a trust to protect his or her assets. Often, if you have a child who is a doctor, he or she may be subject to malpractice lawsuits. The assets that you place in a trust will stay protected from any judgments. Trusts tend to be a good way to protect finances and assets from creditors.
If you’re wondering if you need a trust, there are a lot of different reasons to look into it. Often, trusts are a lot more convenient than having a will, especially when you have a large amount of wealth or assets to handle. While trusts tend to come with complicated legal documents, they can be worth more in the end. If you’re considering a trust then you should consult with an estate planning lawyer today to discuss your options.
Source: Estate Planning Lawyer Bloomington, IL, Pioletti & Pioletti