A trust is a legal arrangement that transfers the rights of assets or property from one party to another. Trusts are often created to protect the grantor’s assets when they pass away. However, they can also grant the distribution of assets while the grantor is alive. Unlike wills, trusts become active as soon as they are signed and don’t require probate to come into effect.
Why You Should Create a Trust
If you pass away with no will or trust, you have no control over the future of your property or assets, which may include your home. Without an estate plan, your assets will be distributed according to state intestacy laws.
By drafting a trust, you can name a trustee to control your assets when you pass away. However, you may still retain ownership and control of these assets while you’re alive.
The main advantage of starting a trust is the avoidance of probate. Probate is the legal process of asset distribution according to a will or intestate succession. It can take several years to complete and may be delayed further if the will is contested. A trust can avoid probate for any assets you put into the trust before you pass away, avoiding unnecessary expenses and lengthy court proceedings if done properly.
A trust also allows you to control and manage your finances after you die. For example, you can name a professional trustee to grow your wealth or business.
Types of Trusts We Offer
An estate planning attorney with Anzen Legal Group can help you create one of several types of trust, depending on your assets and wishes. We work in revocable trusts, irrevocable trusts, and boutique trusts.
An irrevocable trust, once put in place, is set in stone. You cannot change or amend irrevocable trusts without the consent of its beneficiaries. The benefit of an irrevocable trust is that it thoroughly protects your assets from costly estate taxes upon your passing.
A revocable trust is an arrangement that names a trustee who can manage assets on the grantor’s behalf. Unlike wills which become a public record, you can keep details about your trust private. In a revocable trust, you as the grantor can make changes at any time; however, this comes with the caveat that your assets are not as protected as in an irrevocable trust.
A boutique trust is a popular type of trust tailored to protect a specific type of asset. Common boutique trusts are Delaware statutory trusts (DSTs), real estate trusts, or conservation easement trusts.
Our attorneys can assist you with creating a gun trust that can manage your firearms in compliance with both state and federal law. Both possession and transfer of firearms are key concerns every gun owner should consider – our comprehensive planning ensures you have the education and resources you need to plan with your firearms in mind.
Protect Your Assets With Anzen Legal Group
Creating a trust with the help of an experienced estate planning attorney protects your assets and ensures your legacy is transferred to your loved ones. Speak with our legal team today to discuss your wishes and create the correct type of trust for your estate assets.