Assets transferred to trusts can both avoid the cost and the public disclosure of the court’s probate process. There are many types of trusts; professional guidance is necessary in setting up the proper trust for your situation.
A living trust is a legal document in which you specify what you want done with your assets during, and after your death. Trusts can be revocable, allowing you to change the terms, or even revoke the entire trust at any time while you are alive. Revocability enables you to exercise control over your assets during your life. When using a revocable trust, your assets are managed primarily the same. You have control of the trust assets. You would appoint a trustee, usually a spouse a child or a relative, to administer your property after you die.
Thinking about a Trust?
You may want to contact Mr. Herrick to draft a Living Trust If You Answer “Yes” to any of the Following.
- You have children
- You have real property in multiple states
- You need to take advantage of estate tax deductions
- You want to set aside funds for college education
- You and your current spouse have children from a previous marriage
- Probate avoidance is important.
- You want to keep your distribution of assets private.
There are various benefits to having a living trust, contact Herrick Law today for an initial consultation.
REQUEST A FREE CONSULTATION
Fill out the form below to receive a free and confidential initial consultation.