Setting Your Loved Ones Up for Success
Regardless of your age, it is imperative 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. However, wills can be limited in their powers, and your estate may benefit more from a trust. Depending on your situation, trusts can protect your assets and distribute them to your beneficiaries according to your wishes.
BENEFITS OF A TRUST
A trust generally offers more flexibility and control than a will. One of the differences between the two is when each becomes effective. Provisions contained in a will are only enforceable after the will’s creator dies. A trust, however, can take effect immediately upon creation – allowing the transfer of property before the creator’s death, at the time of death, or at some point in the future.
A will must 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 any provisions it contains become part of the public record. Most types of trusts can be private, offering additional protections to everyone involved.
Our experienced team can assist you in drafting and executing a will that effectively addresses all of your concerns. We take every precaution to ensure that your will is sound enough to withstand challenges or contests made during probate.
TYPES OF TRUSTS
You can choose between many types of trusts during the estate planning process. Our attorneys will help determine which trust can help you meet your unique goals – whether it be revocable living trusts, irrevocable trusts, supplemental needs trusts, land trusts, or more.
It is also possible to structure trusts to protect your assets in the event of a divorce. Divorce protection provisions can help you safeguard property during your lifetime in order to hand it down to future generations. Divorce protection strategies can even help your beneficiaries if they ever get divorced.
Trusts may 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.