A person has many legal options when it comes to planning what happens when his or her life ends. Estate planning is the process of making legally binding decisions about what you want to happen if you become incapacitated or pass away. This includes who will get your property, how they will get it, guardianship of minor children, medical directives, long-term care expenses, and life insurance benefits. Essentially, it is to make sure that you and your loved ones are taken care of.
A trust is a legal arrangement that people can use as part of a comprehensive estate plan. Under this arrangement, a person transfers the title of the property to a trustee (a person or financial institution). The trustee has to manage that property on behalf of a beneficiary.
There are various types of trusts, each of which suits a different type of needs. These include trust funds for minors, trusts to provide for children or adults with special needs, irrevocable trusts, and revocable trusts. An estate planning attorney can help you explore the trust that is right for you.
Why Choose a Trust?
- Allows a property to bypass the probate process, since the property is part of the trust and is no longer a part of the estate. This saves money and time.
- Property in trust and its beneficiaries remain private, where probate proceedings are open to the public.
- Trusts protect assets from creditors.
- It gives you full control over the timing of property distribution, as beneficiaries can receive income or property at any time determined in the trust, before or after your death.
- For large estates, placing property in trust helps to shield that property from estate taxes.
- Trusts are highly customizable. For example, a charitable remainder trust allows a person to establish a trust where the property is used to generate income for their children for a predetermined amount of time. Then, the remainder of the property is given to charity.
Estate Plan Lawyers at Viloria, Oliphant, Oster & Aman L.L.P.
Estate planning ensures that your loved ones are taken care of. The attorneys at Viloria, Oliphant, Oster & Aman, L.L.P. understand the importance of a thoughtful estate plan and use our knowledge and experience to help our clients. We will listen to you and provide you with custom-tailored advice, allowing you to make confident decisions about your estate plan. Call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 227-2280 to schedule a consultation or contact our office through our website.