4 Reasons You May Need a Trust

trustsIf you have not considered a trust, now is the time to reconsider. A trust is a great way to pass on your wealth and wishes, and it covers areas of estate planning that a will cannot. If you have substantial assets, a trust could protect those assets better than a standardized will. Furthermore, a trust will protect your wealth for future generations.

What is a Trust?

A trust is not a document; instead, it is a legal structure. It creates instructions on how and when your assets are passed on to your trust’s beneficiaries. There is no single type of trust either; instead, you and your attorney discuss your needs and decide which type will help you reach those goals.

Is a Trust Right for You? Here are 4 Benefits to Consider

A good trust starts by documenting your assets and wishes – something a qualified estate attorney can assist you with. Your trust must adhere to all state and federal guidelines too, otherwise, the courts may not recognize the trust.

When you have a properly drafted and established trust, you can:

  1. Pass on your wealth efficiently and privately. The biggest benefit to a trust is that your estate is now private; not public. With a will, your estate goes through probate, which opens your estate up and it becomes a matter of public record. With a trust, there is no probate court. Instead, your assets are transferred over privately, and you control exactly how and when those assets are passed to beneficiaries.
  2. Be in complete control of how assets are distributed. With a trust, you customize your distributions. You can distribute based on stipulations, such as children can only receive trust funds for college or health care. You can also set ages, such as a child receives 20% when they reach 21 years, 20% at 30 years, and so forth. This ensures your beneficiaries do not receive a lump sum that they can spend quickly.
  3. Keep all assets within the family. You want to preserve your legacy, and a trust can do that. A trust sets goals for your estate and you can ensure remaining assets are transferred to beneficiaries you choose – including family businesses.
  4. Trusts are low maintenance. With a trust, once the assets have been transferred over and everything is set up, there is little you need to do. The only times you must amend the trust is when you need to change a beneficiary or trustee.

Is a Trust Right for Your Estate? Consult with an Estate Planning Attorney in Long Island

The only way to determine if a trust is a right choice for you is to speak with an estate planning attorney. An attorney from the Law Office of Andrew M. Lamkin, P.C. can help you decide which type of estate plan is right for you based on your assets and wishes.

Schedule a free consultation with attorney Andrew M. Lamkin today by calling his office at 516-605-0625 or request your appointment online.

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