How Can A Trust Help Me And My Loved Ones?
A trust allows for a broader range of benefits for the protection and distribution of assets. These benefits can include:
- More control over assets and property
- Minimize or avoid the need for probate
- Structured distribution and control of assets to beneficiaries
- Maintenance of privacy for all estate affairs
A trust is a legal agreement where property is owned and/or managed by one person or organization for the benefit of another. A trustor initially establishes and manages the trust for his or her own benefit during their lifetime, and for the future benefit of any number of beneficiaries upon their death. A trustor must also identify and nominate an individual or professional to continue the management of the trust beyond their lifetime.
Several varieties of trusts serve very specific needs. Some of the more common types of trusts include:
- Revocable trusts (living trusts)
- Special needs trusts
- Probate avoidance trusts
- Disclaimer trusts
- Marital deduction trusts
- A/B trusts
Revocable or living trusts allow for the trustor to change, modify or revoke the trust at any point during their lifetime. Unlike a will, a trust is effective immediately and will continue to serve your needs and wishes throughout your lifetime and beyond, even in the event of injury, incapacity or death. Trusts are vehicles for asset management during your lifetimes, during any instance of incapacity and after death by facilitating the specific distribution or retention of assets intended by the creators for their beneficiaries.
Let Us Draft The Trust You Need
At Lincoln & Wenk, PLLC, we make it our goal to understand the specific goals of each client seeking to establish a trust and work with our clients to meet or exceed those goals. The benefits available through the creation of a trust allow us to serve a wide range of estate planning needs, from the straightforward to the complex. The ability to tailor a trust to address very specific situations and criteria makes this estate planning tool very attractive to many clients who understand the importance of creating well-established instructions.
Review our testimonials page to learn more about how we treat our clients.
Discover Your Options With A Skilled Estate Planning Attorney
If you would like to discuss adding a trust in your estate plan, or establish a new estate plan including a trust, we can help you explore your options and discuss the trust or trusts that will accomplish your goals. To schedule an initial consultation, call 623-748-4890 or contact us online.