Are Estate Planning Trusts Only for the Wealthy?
When considering estate planning trusts, you should never assume this is something only for the wealthy; after all, everyone has an estate of some size and it should be duly protected upon your death. A trust is usually created for those who have some assets to be handed down, and all to be protected whether in a living trust or one created for after death. Whether you are wealthy or not, a trust is also important for managing your finances in the case that you may become incapacitated, as well as establishing guidelines for those beneficiaries who may not be able to manage their money properly, such as the disabled or minor children.
Avoid Probate with a Comprehensive Trust
The desire to avoid probate is often a great motivator for creating an estate plan, and with the help of an experienced estate planning firm, you should be able to achieve that goal. Most likely, your estate is the product of decades of work, and many years of mapping out a future for yourself and your family. With a trust, you establish control of your assets as the grantor, putting a trustee in charge of all property to be handed down to the beneficiaries later. Obviously, it is important to choose your trustee wisely for after-death duties. This should be a very honest person you can trust, as they will be taking on many duties like that of an executor—meaning they have substantial power—and must be trusted not to abuse it.
A Trust Offers Necessary Protection, No Matter Your Income Level
Working with your attorney, you can set up your trust in precisely, outlining how it is to be handled while you are alive, as well as after you die. Again, no matter what your income level is, this is a safe and conventional way to make sure that your spouse is provided for later, as well as your children. While many estates are set up so that the spouse inherits everything and then upon their death, all assets are passed to the children, you may have different wishes. Discuss this with your attorney, who will be able to advise you on the best course of action. You can also use the trust to outline different constraints on the assets, should you wish children not to receive anything until a certain age or include other provisions.
Call Us for More Information
While most of us may not be the Rockefellers, it may still be important to have organized control over your assets, knowing that a detailed plan is in place after you die, or to be used if you become unable to make decisions for yourself at some point. Let Scriber Law Group help you with all your estate planning needs. Call (404) 939-7562 or contact us online for a free consultation.
