Regardless of your age, it is important to take actions that can help provide financial security for your loved ones in the event of your death. At Eques we realize that a will can be used to specify your beneficiaries and name a guardian for your minor children. Wills, however, can be rather limited in their powers, and your estate may benefit from the creation of a trust. Depending on your financial situation, trusts may be appropriate for protecting your assets and distributing them to your beneficiaries according to your wishes.
Compared to a will, a trust generally offers a great deal more flexibility and control. One of the biggest differences between the two is when each becomes effective. The provisions contained in a will are only enforceable after the will’s creator dies. A trust, by comparison, can take effect immediately upon creation, allowing for property to be transferred before the creator’s death, at the time of his or her death, or at some point in the future.
A will is also required to pass through probate before heirs and beneficiaries can receive their inheritances. Property under the control of a trust is not subject to probate, which can save both time and money. Finally, a will is a public legal document, which means that any provisions it contains become part of the public record. Most types of trusts can be kept private, offering additional protections to everyone involved.
There are many different types of trusts that can be used during the estate planning process. Our attorneys will help you determine which ones can help you meet your unique goals. Our team is equipped to assist you in creating revocable living trusts, irrevocable trusts, supplemental needs trusts, land trusts, and more.
It is also possible to structure trusts in such a way that your assets are protected in the event of a divorce. Divorce protection provisions can help you safeguard property during your lifetime so that your assets can be handed down to future generations. There are even divorce protection strategies available to help your beneficiaries if they ever get divorced.
This may all sound overwhelming, but our team is here for you every step of the way to answer any questions you may have and walk alongside you on your journey.
We know you might have questions, and we are happy to help. Contact us today to discuss how we can help.