Wrongful Death Lawyer
If you are just getting started on making an estate plan, setting up a trust may be one of the tools that you are thinking of using as recommended by a wrongful death lawyer. A trust is a powerful estate planning tool because it allows you to set aside assets for beneficiaries to receive. Unlike a will, a trust is established once you (known as the grantor) signs it and places assets in it. Deciding on the type of trust can be difficult, but with the help of a skilled lawyer who understands estate planning law, they can help you narrow down your choices. As you can learn from a trust lawyer like one at Kaplan Law Practice, LLC, you can choose from a variety of different trusts according to your needs and they come with many benefits.
Choose from various types of trusts
There are several categories of trusts. An revocable trust is one that can be modified by the grantor during their lifetime. An irrevocable trust on the other hand cannot be changed once it goes into effect. There are also testamentary trusts or special needs trusts. Because there are so many kinds, it can be confusing to decide which one is right for you. A lawyer can give you the full explanation of the different types of trusts and their benefits.
Trusts are highly flexible
Many people choose to set up a trust because they are highly flexible. You can set the conditions of a trust to meet your specific needs. You can control the specific assets to be put in one, the certain amount that will be distributed regularly, and depending on the trust that you choose, whether they can be modified. They are fairly quick to set up and are ready to go once you complete the required legal forms.
Another reason that trusts are beneficial is because they can reduce the amount of taxes that you have to pay. Trusts are cost-effective and they help you minimize what taxes you must pay for your estate. This is especially helpful if you are expecting to pay a large amount of taxes. A lawyer will be able to evaluate your estate and explain the strategies for reducing your total amount of taxes owed.
If you need to help a relative better manage their assets, then choosing a trust is highly recommended. This is especially applicable for loved ones who are elderly or need more assistance managing their estate. A trust streamlines the process of distributing assets to beneficiaries according to when grantors want them to be distributed.
There are many legal services for trust planning that are affordable. Not every lawyer is the same, and some have widely different sets of qualifications. Do not wait to speak to a lawyer if you have any questions regarding estate planning. If you need assistance with creating a trust and completing the legal requirements to do so, talk to a lawyer right away so that you can get the help that you need.