Trust lawyers at Frank & Kraft can provide you with help determining if you need a trust. Many people, including those who are not wealthy, could benefit from creating a trust — but far too many people do not know how a trust could help them or how a trust could help their loved ones. An experienced attorney can evaluate your situation and assist you in deciding whether a trust is a tool that you should incorporate into your estate plan. We can also help you to decide what kind of trust is the best type for you to create and can assist you with the process of making a legally valid trust document.
One of many situations in which trust creation could become very important is when you are the breadwinner for your family. There are many reasons why breadwinners should consider creating a trust, including the following key reasons.
A Trust Can Help to Protect Your Assets
A trust can help you to keep your wealth safe. Different kinds of trust provide different protection for assets. For example, if you making a living trust, you can keep your wealth protected in case of your incapacity by naming a backup trustee who can immediately begin managing the wealth if something happens to you.
This is important as you do not want to experience any big losses due to mismanagement or due to no one being able to manage your assets right away in the event of incapacity. An irrevocable trust could also help you to keep your wealth safe from creditors, to reduce. or avoid estate tax and to protect wealth against being lost if your heirs or beneficiaries aren’t responsible with money management. When you have dependents counting on your assets, doing what you can to protect them just makes good sense.
A Trust Can Help You to Specify How Assets Should be Managed
A trust gives you the maximum control over what happens to your assets in case of your incapacity or after your death. If you have no incapacity plan in place and you become unable to act on your own accord to manage wealth, the court would need to appoint a guardian or conservator unless you have put plans in place to have a trusted person take over the management of your assets. You don’t want a person without the ability to handle your wealth being given this responsibility. Likewise, if you aren’t confident your heirs or beneficiaries will be able to manage an inheritance, or if you are leaving money to a minor who cannot manage an inheritance on his own, a trust allows you to protect the assets your loved ones may be depending upon. You can name a trustee who you are confident will manage money appropriately and you can provide specific instructions for how trust assets should be used to provide for your dependents.
A Trust Can Help You to Quickly Transfer your Assets to Your Loved Ones
When you have dependents who you are supporting, the loss of your income could be financially devastating. If you intend for an inheritance to provide for your loved ones once you cannot provide any longer due to incapacity or because you pass away, you want that inheritance to quickly get to your heirs or beneficiaries. Unfortunately, the probate process takes a long time and your family could experience hardship while they wait for probate to be completed. If you want assets to transfer more quickly to avoid this, you can make a living trust so assets can transfer through the trust administration process.
Getting Help from Trust Lawyers
Trust lawyers at Frank & Kraft can assist you with the creation of a legally valid trust so you can keep your wealth safe and use it to provide an inheritance to your loved ones. When you have people counting on your income, you cannot afford to wait — you need to act today to put plans in place to protect your assets and to facilitate the timely transfer of your wealth.
To learn more about how trusts can help you to protect and provide for your loved ones while keeping your assets safe, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized help with your trust creation process.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.