Trusts are an important part of estate planning because they are a good alternative to going through a probate process. Trusts do involve more planning ahead, but it is fairly simple to do with an experienced trust lawyer, like a lawyer from Yee Law Group, PC. You should never try to do this alone, as you need someone who understands the laws of your state and will make sure everything is filed and set up properly.
Trusts Protect Your Assets from Being Taxed
As we mentioned before, trusts are a good option to use if you want to make sure your friends and family are not heavily taxed on the items they receive from you. They are closed off from the public, which means they are more private and will keep your family’s affairs away from prying eyes. A trust is protected from being taxed and since it is private, there may be fewer people seeking to get something from it.
Trusts Can Be Customized
You do not have to leave everything that you own to your beneficiaries all at once. If you have minors who you want to give money to for something special like a college education or down payment on a home, you can specify this and give a date that they will be able to access the trust. You will want to go over all of the specifics with your lawyer so that you have all of your bases covered.
You Can Give Some of Your Wealth to Charity
You do not have to set up a trust to be for a specific person. If you want, you are able to leave a trust to an organization or charities of your choice. This allows you to continue making an impact, even after your passing. It also ensures that you do not give away too much of the money that you may depend on to survive, but can offer a great amount to people who need it in the future. You can, then, rest easy knowing that you will be making the difference in the lives of others.
Contact a Lawyer Today
If you are still wondering whether or not a trust is a good option for you and your family, you should contact a trust lawyer to learn more today. You can set up a consultation to go over what assets you have and how you want to see them distributed. Your lawyer can then offer suggestions on how to achieve what you want and the best possible scenario for both you and your beneficiaries. Contact a lawyer in your area today to set up a consultation. The sooner you do this, the easier the planning will go. You should always make sure that your loved ones are cared for, even after your death. Planning your estate ahead of time is doing just that.