Many people believe that trusts are only useful for the wealthy, however, that is not the case. Trusts are a powerful estate planning tool that allows individuals to not only direct how their assets should be handled, but also to direct when, how, and in what amounts their assets should be distributed. An individual may be able to avoid the probate process when they have their assets in a trust due to the fact that the assets were transferred during their lifetime. Additionally, the trust document is kept private in contrast to a will which would be published with the court during a probate proceeding.

There are several different types of trusts, including revocable, irrevocable, spendthrift and totten trusts. Property and assets placed within a trust are easier to sell and distribute, if desired, than when these assets are governed by a will. Further, if you pass away with minor children, a trustee can be named to manage the assets of the trust until the child reaches an age set by you, or even at an event set by you, such as when the child graduates college or marries.

Estate plans are not “one-size-fits-all” documents, and therefore should be carefully drafted for your own needs. Our attorneys can help walk you through the different benefits and advantages of a trust or a will, dependent on your specific financial and familial circumstances. They will help you determine what is best suited for you and help ensure that your desires are carried out. Contact us today to learn what is best for your estate.