Many people think that trusts are only for the affluent, but as a Farragut, TN trust lawyer explains, this is not the case. In fact, every person can benefit from having a trust and other estate plan documents. If you are wondering if a trust is an appropriate planning tool, it will depend on your financial situation, goals, and family needs. Trusts are increasing in popularity because they are flexible and can address a myriad of objectives. Those who want help devising their estate plan are encouraged to speak with our team at Carpenter & Lewis PLLC. We can learn more about your needs and then suggest which estate plan documents will be most useful for you.
There are many benefits of having a trust, such as preserving and protecting your assets, controlling and customizing how your wealth gets distributed to beneficiaries, reduces state and federal taxes, addresses unique family dynamics, and helps a relative in need of support manage their financial affairs. There are different types of trusts, including a revocable trust and irrevocable trust. A revocable trust allows you to stay in control over your assets and what you place in it. You take the role of trustee and can alter the terms whenever you would like to, such as withdrawing or adding assets as needed. You can appoint a successor trustee to take over managing your assets if you no longer want to serve as trustee. Irrevocable trusts enforce permanent terms that cannot be changed.
Trusts can be beneficial for a number of reasons. As a Farragut trust lawyer explains, if you have a trust, you can avoid the process of probate, get estate taxes reduced, have more control over assets, protect loved ones from worst case scenarios, assist children who have special needs, properly divide assets, and ensure each person in your family is taken care of. Many people appeal to the idea of having a trust because they do not want their assets to go through the costly and lengthy process of probate. It is also a great way to limit or eliminate expensive estate taxes. A trust enables you to have control over the estate more so than what other estate plan documents can provide. Once it has been written, a trust is relatively low maintenance. There may be times when you have to update your estate plan when new life events occur, such as purchasing new assets or the birth of a child. But typically, trusts rarely need to be amended.
As you can see, there are several benefits to establishing a trust for your estate plan. It is important to create legally-binding documents so that when you pass away, your assets and family members are taken care of. If you have questions or concerns about writing an estate plan, please contact Carpenter & Lewis PLLC. A Farragut trust lawyer can sit down with you to discuss your situation and offer advice on how to safeguard what you have built throughout your lifetime. We hope that you contact us to assist you as you plan for the future of your assets and family.
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