There are so many different estate planning options to choose from. Whether you are looking to transition from your career to your retirement, or you want to make sure your family will be well-provided for after your death, trusts can be useful tools. It is wise to compare and contrast the different types of trusts options that are available. So, let’s consider some revocable living trust options.
Trusts can provide financial protection for your future generations. You can implement protections now that will benefit you and your family, now and in the future. Certain trust provisions allow you to reduce estate taxes while avoiding the expense and time required by the probate process.
The Benefits of Family Wealth Trusts
Trusts can be very flexible. You can be your own trustee, putting you in the best position to ensure that your assets will continue to grow. Trusts are also flexible because they are easy to change. Life is ever-changing, so your estate planning tools should be able to change with you. A Trust allows you to select your successor trustee, who will take over the trust if you should become incapacitated. You can also include real estate in your Trust, even if it is located in another state.
The Benefits of a Trust
Many people choose Trusts in order to avoid probate, thereby eliminating the time and expense of the probate process, a public court proceeding that may not be beneficial to your family. On the other hand, a Trust provides privacy as well as versatility. You can decide when your assets will be passed on to your beneficiaries. You may decide that your younger beneficiaries would be better off receiving their inheritance in installments, as opposed to one lump sum.
If you have questions regarding trusts, or any other estate planning needs, please contact Wilcox Attorneys, PA online or by calling us at (479) 443-0062.
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