What Trusts Are All AboutWednesday, October 18th, 2017, 6:21 pm
Many people believe they do not need a trust unless they are extremely wealthy. While this may have been the case in the past, establishing a trust is a great way to guarantee your family members are taken care of when you pass away. As a way to bypass many of the challenges a typical will presents, a trust is a great addition to many individual's estate plans.
If you're looking to improve your estate plan, here is everything you need to know about trusts.
Benefits of Establishing a Trust
There are a number of benefits to establishing a trust. Here are a few:
1. Avoid Probate
The probate process can be costly and time-consuming. However, it is a key part of most estate transfer processes. In order to bypass probate, you can establish a trust. A trust does not follow the same probate process, so individuals are able to access your assets without needing to wait.
2. Considers Minors
If you wish to leave your assets to a minor, you're not able to do so through a traditional estate plan. Establishing a trust can hold your assets for a minor until that individual is old enough to collect. You can also use a trust to hold assets or funds until the individual is more financially responsible.
3. Distribution Protection
Because a trust does not follow the same probate process as a typical estate plan, the court cannot interfere. Establishing a trust can give you peace of mind knowing that your assets and property will fall into the right hands after you pass.
4. Protects Multiple Heirs
If you have a complicated family, a trust can ensure that each of your heirs is protected and taken care of. For blended families, multiple marriages, or if you wish to leave assets to an individual that may not be in direct line, you can create a trust to guarantee each individual gets the belongings you want.
For help creating a trust that places your assets where you want them to go, contact the estate planning team at Micheal F. Kanzer & Associates, P.C. Our Brooklyn office can be reached at 718.769.7200.
Category: Trusts Planning