The purpose of an estate plan is to bring you peace of mind about the future. For most people, this includes providing for the comfort and financial security of their heirs. While it is possible to provide this protection through the use of a traditional Will, a Trust is another flexible and powerful estate planning option.
Trusts offer many benefits over traditional Wills. Property that moves through a Trust is immune to taxation and does not need to flow through probate. Trusts can also allow minor children to benefit from their inheritance. For more information about using Trusts to protect your heirs in Raleigh, reach out to legal counsel. A knowledgeable lawyer could help determine your specific goals and craft the documents needed to make those goals a reality.
When people are crafting their estate plans, their top priority is usually ensuring that their assets flow to their heirs with minimal interruption. A Trust can help achieve this goal. For one, Trusts are separate from the probate process, which usually is required to administer a decedent’s estate.
As soon as property moves into a Trust, it is no longer an asset of the person making the Trust. This means that these assets will not be part of their estate. Whether a Trust moves property at a specific date or goes into effect upon the maker’s death, this transfer is not subject to the rules of probate. A lawyer in the area could further advise on the interactions between Trusts and the probate process.
Creating an effective estate plan requires various considerations. One of these questions concerns the identity of heirs. In Wills, only legal adults can inherit property, which may complicate matters when heirs are children. However, property will remain in a Trust until the heirs come of age.
Another benefit to placing assets into Trusts is that the property becomes immune from taxation. This can help to lower the value of a person’s estate and transfer property while avoiding gift taxes. For those considering moving their property through Trusts, a conversation with an experienced lawyer could be useful to take full advantage of these tools. A skilled attorney could help to maximize the protections for heirs and benefits for the Trust maker.
When you are considering how to provide for your heirs in the future, many questions may come to mind. Will your loved ones be eligible to receive the property? Will they need to pay taxes? Will this transfer complicate the probate process?
A simple answer to many of these concerns is to craft a Trust. These are flexible testamentary documents that allow for the simple transfer of property. Trusts never go through probate, and the property that comprises the Trust is not subject to taxation. As a Trust maker, you can specifically dictate how and when heirs receive your property. To learn more about creating Trusts to protect your heirs in Raleigh, reach out to a knowledgeable lawyer today and set up an initial consultation.