When it comes to estate planning, a trust is one of the most important documents you can have. A trust allows you to designate someone to manage your assets in the event that you become incapacitated or die. A family law attorney can help you draft a trust that fits your needs and meets all the legal requirements. Trusts can be very helpful in estate planning, but it's important to work with an experienced attorney to make sure everything is done correctly. The following are three types of trusts that a family law attorney can help you draft.
This trust is created while you are still alive, and you can designate someone to manage the trust after your death, or you can have the trust dissolved upon your death. Living trusts are revocable, which means you can change the terms of the trust at any time. This can be helpful if your circumstances change and you need to make changes to the way your assets are managed. Living trusts are often used to avoid probate court. Avoiding probate court can save time and money, and it can keep your affairs private after your death. A family law attorney can help you create one that meets the demands of the law and avoids the probate court.
This type of trust is often used in conjunction with a will, and it's created after you die. The terms of the trust are typically set forth in the will. Testamentary trusts can be revocable or irrevocable. Testamentary trusts are often used to manage assets for minor children or disabled adults. The trustee that you select can use the assets in the trust to help support the beneficiary. The trustee can also make sure the assets are used for the beneficiary's benefit and are not wasted. If you have been through a divorce and you have minors, or you need to select a trustee, an attorney can be helpful to ensure that things will go according to your plan.
This means that once you create the trust, you cannot change the terms or revoke them. Irrevocable trusts are often used to protect assets from creditors. When you create an irrevocable trust, you transfer ownership of your assets to the trust. If you have an irrevocable trust, the value of your assets is not included in your estate. This can help reduce the amount of taxes your family will have to pay after you die.
Creating a trust is a complex process, and it's important to work with an experienced attorney to make sure everything is done correctly. If you're considering creating a trust, contact a family law attorney today to discuss your options.
Reach out to a family law attorney, such as R. Robert Clothier, P.C., near you to learn more.