On behalf of Kadish & Associates Law Group posted in trusts on Thursday, February 9, 2017.
No matter how streamlined your assets are, if you plan on invoking any other estate document than a basic will, things can get complex quickly. Even a simple will isn’t always as basic as you might think, and you have to ensure that your estate plans align with state law on heirship matters or your family members can become mired in lengthy probate processes in the future. Professional assistance with estate matters can greatly reduce the headaches you or your heirs face in the future, especially when it comes to trusts.
One of the reasons you might want to involve a professional in planning and creating a legal trust is that there are so many types of trusts to choose from. The type of trust that is right for you depends heavily on what goal you are trying to achieve and what type of assets you plan to place in the trust. For example, you might create an irrevocable living trust if your goals are to provide both for yourself and your heirs in the future. If you want to provide for a charity after you are gone, though, you would likely want to create a charitable trust.
Choosing the right trust is only one important decision in the process. You also have to understand how to write the trust so that your wishes are most likely to be upheld without impeding your heirs so much that the trust becomes useless to them. It can be a fine line to walk, and poor verbiage in a trust can cause confusion and even future legal woes for your heirs.
Our firm works with clients to set up all types of trusts. We use our experience to help you understand the impact of any trust decisions so you can create a strong, legally binding trust that benefits you and your heirs.