Trust is a legal document explaining how your estate will be distributed amongst your family members after you die and still having control over certain things when you are alive. Depending on your family and assets, trust can be simple or complicated. If you are still confused about it, you should get in touch with a San Antonio trusts planning lawyer. Since he may have worked with several clients, he will be able to suggest the best solution. The laws may be different for different states. That’s why the need arises when you need to draft a legal document that explains how your property will be divided after you are gone. It is the best way to ensure that your loved ones will receive the estate they deserve.
Will or trust?
Many people take a will and trust the same legal procedure. They are both different and serve different purposes. A will takes an effect after a person dies while trust can be implemented when the person is still alive. All his property and money are divided amongst the family members after the death of the person. If the person does not make a will, the court has to intervene so that there are no conflicts between the families. As soon as it is funded and signed, trust starts to take effect. The person is capable of handling his property by creating a trust with the help of a trusts planning lawyer. Generally, a living trust is created to save tax or manage property for a long-time.
It is not mandatory for everyone to get trust. It depends on one’s personal choices and financial needs. If you have some tax liabilities to look after, you can go for this option after consulting with your financial advisor and lawyer. You should also have other instances when you may not need trust. In case you are unmarried, have no children, live in a rented apartment and have no major assets, you can avoid getting it. On the other hand, if you have children with special needs, big assets and estate, you must have trust into an effect to safeguard your property in case you die or become incapacitated. You want to secure their future for many more years to come in your life. Drafting a trust can be the best step you can take for their bright future.
Reasons to have trust
You can have several benefits of creating trust with the help of an attorney. However, you should not forget to discuss your financial condition and requirements with him before making any decision. Some reasons why you should have trust are enlisted below:
- Protecting assets for your children until they are able to handle them. For instance, your children are under 18 years and still unable to handle finances.
- Avoiding the probate process and the time and costs associated with it. It might be a stressful process because after a person dies, the court will have to conduct probate to divide the property among beneficiaries.
- Reducing or avoiding estate taxes. You need to contact an attorney or financial advisor to know if there are taxes involved on the property you own.
- Trust is more flexible than a will. It is applicable as soon as you draft and sign it with your lawyer. A will is a legal document, which is good for your children and heirs.
- Protecting assets when you die or become incapacitated. After you are gone, trust can be used to protect the future of your generations to come.
Hiring an expert
It is a wise decision to get educated on trusts and the laws pertaining to them. However, you will not be able to gain expertise overnight. In this case, it is always a good idea to get in touch with a trust planning lawyer, who has years of experience and expertise in creating this legal document. He can assess your property and help you find the best way to protect it. It is also a good idea to ask him whether you should go for will or trust. In many cases, a financial advisor can also work with you and suggest this option. After that, you can ask your attorney and make the right decision.
A trusts planning attorney will be the best person to go through your family’s needs and assets. He can offer the best solution regarding creating trust. Even if, you have certain concerns about the trust, he will be able to address them in the best possible manner. Choosing a good lawyer is the key to strong financial security. To hire the best attorney, you can search online and make a list of a few attorneys. You will have to interview them before selecting a good one.