Benefits of Creating a Trust
Estate planning can be confusing. You always want what’s best for your loved ones, but may not know exactly what that is. This is why you need to have an experienced Sacramento trust lawyer, like one from Yee Law Group, PC, on your side every step of the way. He or she will be able to listen to what you want to achieve in your estate and determine the best way of getting there. A trust may be the best option for you and your loved ones. Here are a few reasons a trust may be beneficial.
Trusts help avoid probate.
Probate is a process that can be incredibly time consuming and expensive. Not only does the government heavily tax things that go through probate, but the courts need to be paid and your loved ones may not get what you would have wanted them to have. Leaving a trust with items or money in it can help move the process along much faster and will ensure your loved ones are the people who receive most of your items.
Trusts ensure your affairs remain private.
When things go through the court system, rather than through a trust, much of what is discussed becomes public knowledge. If you have great amounts of money – or not very much at all – and want to keep privacy even after you are gone, you should create a trust to give to your loved ones.
Trusts can be customized the way you want them to be.
One really amazing thing about setting up a trust is that you can make it as personalized as you want to each beneficiary. For example, if you want to leave a certain amount of money to a child for college tuition or something of the like, you can make it accessible to him or her at their 18th birthday. This will ensure the money is not spent frivolously and that it is used for the intended purpose by the correct person. You will not need to worry about a child being taken advantage of because of their youth.
You can always change a trust if you change your mind.
If you change your mind about someone or something you have put into a trust, you can still change it. Speak with your lawyer beforehand to make sure that whatever you do will be able to be changed if you may want to in the future. He or she can help you set up a trust that you will have the ability to update at any time you want.
Contact a Lawyer Today
Always reach out to an experienced trust lawyer to make sure you are getting the assistance you need in protecting your assets once you are gone. He or she will be able to walk you through everything and make sure your paperwork is filed correctly so that the correct people end up with the right things.