When you are preparing your estate plan, you may want to consider utilizing trusts to help you meet a variety of different types of financial and family goals. If you plan and set up trusts appropriately, you can use them to directly pass your assets to your heirs while bypassing the expense and litigation that can be involved with the probate process.
If your estate is fairly large, you may want to establish a trust that may help your heirs avoid certain tax liabilities they might otherwise incur. You can establish trusts to meet most any need or goal, including trusts set up to benefit a disabled relative, trusts established for charitable purposes, revocable or irrevocable trusts and bypass trusts.
The type of trust you choose should be tailored to meet your individual estate needs and goals. If the trust is set up correctly, your family can avoid public scrutiny that can come along with the openness of probate court proceedings. You may have a disabled child that will need to continue meeting eligibility requirements for disability benefits, and with a trust, you can ensure his or her expenses are paid without affecting eligibility for government benefits.
Our firm has experience with skillfully setting up trusts for our clients in the manner most appropriate to meet their estate planning needs and goals. We often help clients understand the potential tax ramifications of different trusts and help them set up those that are most beneficial. The estate planning process and trust planning process can be extremely complicated, and we understand that most people have many questions about trusts and avoiding probate court. If you are interested in more information about establishing trusts, you are invited to review our trust administration page.