Using Trusts As Part Of Your Estate Plan
There can be many advantages to setting up trusts as part of your estate plan. They don’t go through probate, which can save you a considerable amount of time and money. They can also provide a way for you to transfer property to your beneficiaries without the burden of excessive estate taxes. In addition, trusts can be a good option if the privacy of your estate and beneficiaries is a concern, since trusts are not a matter of public record.
Handling All Types Of Trusts
Trusts can be complex financial vehicles and may not be the best solution for everyone. In order to determine if they are a good option for your needs, be sure that you speak to an experienced Little Rock trusts attorney. At The Wright Law Firm, I, Trey Wright, have experience with all types of trusts.
How Do Trusts Work?
A trust can contain any kind of asset that you wish to pass on to a beneficiary. Cash, retirement accounts, real property and other assets have all been put into trusts. A trustee manages the assets according to your wishes and distributes them to the beneficiary at the appointed time specified in the trust documents. Distribution can be based on a certain event, such as college graduation or marriage, the reaching of a certain age, your death or some other time that you determine.
I can help you with trust preparation to accommodate nearly any need, including the following:
- Revocable or living trusts
- Irrevocable trusts
- Special needs trusts
- Education trusts
- Insurance trusts