On behalf of Kadish & Associates Law Group posted in trusts on Friday, June 2, 2017.
Your estate plan is something that can make your life much easier. It can also make it easier for your loved ones to handle your affairs when you are gone. The thing that you have to remember about estate plans is that they are all individualized. You have to find the estate plan components that work for your situation and goals.
We know that you might be a bit overwhelmed when you start hearing about trusts and powers of attorney, but you should take a moment to remember that these are only components of an estate plan. Trusts in particular are great tools that can help you to meet your goals for your estate.
The purposes of trusts vary from one type to another, but they all have a couple of aspects in common. First, the trust makes it a bit easier to transfer assets to the intended parties. Second, the trust enables you to set stipulations on the distribution of the assets.
Some trusts will serve as protection for your assets so that creditors can’t try to stake a claim to them. This is often important, especially if you are worried that you are going to have creditors making claims against your estate.
Ultimately, you have to think about the purpose of your estate so that we can help you figure out what options might help you meet those goals. We can help you evaluate the available options so that you know exactly how each one will impact you, your assets and your heirs now and into the future.