Though wills are familiar to most people, not everyone understands what a trust is and the benefits of working with a trust planning lawyer. Assets distributed from a trust do not have to enter the probate process, unlike a will. Another advantage of a trust is that the heirs will not have to pay taxes on those assets. These are good reasons to consider creating a trust, but there is another important aspect to consider: if you create a trust you will retain control of the assets within for your entire life. Below is some additional information that may be of interest to you.
What if I will have heirs who are minors?
When your trust planning lawyer creates the trust, you can specify which of your heirs who are minors will inherit property. However, until the minors reach the age of adulthood they cannot receive the designated property. Until such time as they are no longer minors, your designated trustee will manage the property on the minors’ behalf. In this scenario, a separate trust known as a testamentary trust can be established by our trust planning lawyer for your minor-aged heirs. It will be managed by your trustee until the minors reach legal age at which time they will inherit the property and the trust will expire. You may specify criteria they must meet in addition to legal age requirements such as graduation from university or another milestone of importance to you.
What if I become incapacitated temporarily or for the remainder of my life?
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A common concern is the thought of being unable to function as before and possibly becoming unable to manage the trust or make important life decisions. This can develop later in life or on a temporary basis in the event of an accident or after major surgery. Here is another aspect to trusts that make them so attractive to many people. When you create a trust with the assistance of a trust planning lawyer, you will name a trustee to manage the trust. Many people name themselves as the primary trustee and a second person as the secondary trustee. In this way, should you become incapacitated for the remainder of your life, or only on a temporary basis, your secondary trustee can step in until no longer needed or for the duration of your lifetime. An estate planning lawyer Fairfield County, CT relies on can also specify in the trust that once your designated physician confirms you are no longer incapacitated, control of the trust returns to you.
Thank you to our friends and contributors at Sweeney Legal, LLC for their insight into estate planning and what you should understand about creating a trust.
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