Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.

Trusts

While a last will and testament is a crucial part of all estate plans, it’s not the only tool to have in your arsenal. Trusts also offer numerous benefits depending on your unique situation.

Providing reliable legal assistance for more than two decades, our team of estate planning attorneys at Walk-In Wills can help you make the best decisions when it comes to your assets. We can also help you establish a trust, which offers numerous benefits to estate planners.

Types of Trusts to Consider

The first step to implementing a trust is deciding which type is best for your needs:

Revocable – With a revocable trust, you retain control over assets replaced in the trust until your death. That means you can make changes to the trust as you see fit.

Irrevocable – Irrevocable trusts cannot be changed during your lifetime. However, they offer tax benefits that can reduce the expenses your heirs might owe upon your death.

Charitable – Charitable trusts allow you to distribute assets directly to a charity of your choosing upon your death. Like irrevocable trusts, charitable trusts also help your estate avoid expensive taxation.

Special Needs – In the event you care for a person with special needs, this trust ensures they will still have access to financial support after you’re gone. This is especially important when a person receives disability benefits, which are usually dependent on income and assets.

Spendthrift – Spendthrift trusts provide more control over the way assets are provided to heirs. For instance, they can prevent a person from spending all their inheritance in one fell swoop.

There are also living trusts, which spell out your wishes when it comes to medical care. These trusts are essential in the event you can no longer make important medical decisions on your own.

When to Add a Trust to Your Estate Plan

It’s true that not everyone needs a trust, but they’re extremely helpful in certain situations. For example, they’re a must for people with lots of assets and expansive estates. They also benefit people with blended families, as they allow greater control over how assets are distributed.

Finally, a trust can help you bypass the probate process. Bypassing probate helps you save money and time, as assets can pass directly to heirs.

How to Create a Trust to Protect Your Estate

If you have questions about trusts or believe they can benefit your estate, now is the perfect time to contact us at Walk-In Wills.

Schedule a free consultation at our office today by calling (480) 470-7000. You can also contact us to learn more about our firm and what we can do for you.