Ensure your assets are passed on according to your wishes.
If something happened to you, do you know who would inherit your estate?
It’s never too late to be prepared with solid estate planning whose forward-looking writing can stand the test of time — and withstand any legal challenge.
Without a trust, for example, your assets would have to go through the probate process before they can be distributed. This can make the process far more time-consuming and expensive for your surviving loved ones.
Creating a trust is a secure, fiscally responsible way to ensure that your assets are passed on to your heirs exactly according to your wishes. You give the trustee the power to distribute your assets without going through the court.
There are many different types of trusts and a wide variety of situations that can involve trust issues. Unlike probate, which is public, the administration of a trust is a private matter. Properly prepared trusts can help your heirs avoid the inconvenience of a costly probate proceeding.
Revocable trusts are those that the person who creates them (the settlor) can revoke or amend at any time, but they are effective to avoid probate if that is the settlor’s intent. They are very flexible and can be funded immediately or at the settlor’s death. They can be used to appoint someone to manage the settlor’s affairs if he later becomes incapacitated. They can be used if the settlor owns out-of-state property to avoid an ancillary probate in that state that would otherwise be required after death.
Irrevocable trusts are similar but can’t be revoked or generally amended.
Contingent trusts are put in most of my wills in case a minor ends up inheriting. This puts a trustee in charge of handling the minor’s inheritance until he or she reaches a specified age.
Picking the right law firm to help draft your trust can make all the difference. You need seasoned professionals who are committed to excellence a listen attentively to your goals.
When you need extraordinary legal representation from experienced trust attorneys, contact Lovelace Law, P.C. at 817-953-9656 to set up a free consultation with one of our attorneys.