Considering your estate plan together can be emotionally-charged and complex. There are several components to consider.
One of the primary goals of estate planning is to ensure your assets are distributed in the manner you intend after you die. This can be done through your will, and you may also choose to utilize trusts. Understanding trusts may be beneficial and an experienced estate planning attorney will assist you in learning and deciding what makes the most sense for you and your family.
Control over asset distribution
Establishing a trust is one way for you to control how and when your assets are distributed. You can specify conditions for distribution to children and young adults, such as age or milestones like graduation. This helps ensure that beneficiaries receive assets when they are mature enough to manage them responsibly.
Minimizing estate taxes
For some people, utilizing trust documents as part of their estate planning enables them to reduce estate taxes.
Protecting assets
In certain instances, utilizing trusts can insulate certain assets from creditors and others.
Avoiding probate
Establishing a trust in your lifetime and properly transferring assets into the trust might avoid delays and probate costs with respect to the distribution of those assets after your death.
Setting up and funding trusts must be done in a specific manner. Working with a legal representative can help reduce your stress and give you a sense of peace.