Trust Lawyer East Greenwich, RI
If you are thinking about establishing an estate plan, you may wonder if you need to place assets in a trust. As our East Greenwich, RI trust lawyer explains, there are two different kinds of trusts available, a revocable trust (living trust) or irrevocable trust. With a living trust, you keep control over your assets in the trust throughout your lifetime and are able to dissolve it at any time at your discretion. An irrevocable living trust is when you transfer assets out of your estate, and thus out of your control. There are benefits and drawbacks to each type of trust. So depending on your needs, one may be more suitable over the other. If you have questions about devising a trust or other estate planning needs, contact Appt Law LLC today!
Benefits Of Having A Trust
A trust can help you transfer property more smoothly to beneficiaries and avoid certain types of taxes on your assets. The most well-known benefit of having a trust is that the assets are protected from the probate process, which means your estate is kept private and your beneficiaries receive their assets faster after you have passed away. Both revocable and irrevocable trusts make it possible to prevent your assets from undergoing probate. Generally, an irrevocable trust is not subject to estate taxes, which allows beneficiaries to inherit a greater portion of your estate wealth. Other benefits of having a trust include:
- More control over your assets. You can decide the terms of the trust, stating how, when, and to whom assets will be distributed.
- Reduce the chances of family disputes. A trust can take into consideration family dynamics and be structured in a way that those who do not make good financial choices can receive payments instead of a large sum.
- Maintain your privacy. Probate is a matter of public record. If you have a trust you can avoid your personal estate from becoming public knowledge.
- Protection over your assets. A living trust allows your trustee to have control over assets right away if you unexpectedly become ill or incapacitated.
Avoiding Common Problems
The benefit of having a trust is that your assets can be passed to beneficiaries and heirs without probate. While there are benefits to establishing a trust, there are potential problems that can interfere or invalidate the transferring of your assets. Our knowledgeable trust lawyer can help you prevent problems such as failing to provide ample funding for the trust, using language that does not create legal obligation, forgetting to name beneficiaries, and not formalizing the document in a way where it is deemed valid.
Appt Law LLC
Attorney Geoffrey M. Aptt of Aptt Law LLC can help individuals and families prepare for the future by guiding them through the estate planning process. At Aptt Law LLC, we know how much you value what you have built during your lifetime, and it deserves to be protected. Our Greenwich trust lawyer is ready to support you as you establish documents that make your wishes known. By doing so, you can rest assured your closest loved ones receive the assets you want them to inherit after your passing. We hope to hear from you today!
Benefits Of A Living Trust
When it comes to estate planning, one of the most effective tools available is a living trust. Whether you’re just starting to consider your estate plan or you’re looking to update an existing one, understanding the benefits of a living trust is essential. Unlike a will, which only goes into effect after your death, a living trust allows you to manage your assets during your lifetime and ensures that your estate is handled efficiently after you’re gone. Our East Greenwich, RI trust lawyer at Aptt Law LLC can help you understand the key advantages of a living trust and guide you to make informed decisions about your estate plan. We take the time to understand your goals, your family dynamics, and your vision for the future. Schedule a free consultation today.
Simplifying The Probate Process
One of the most significant benefits of a living trust is that it helps your heirs avoid the lengthy and often costly probate process. Probate is the legal procedure through which a court validates a will and distributes assets according to the instructions. This process can take months or even years to complete, and it often involves considerable legal fees, court costs, and the public disclosure of your financial affairs.
A living trust if set up properly bypasses probate entirely. When you establish a living trust, you transfer ownership of your assets to the trust itself, which is managed by a trustee of your choosing. Upon your death, the assets in the trust are distributed directly to your beneficiaries without the need for court intervention. This not only saves time and money but also keeps your affairs private, which can be particularly important for those who value confidentiality. Our lawyer can answer frequently asked questions about estate planning and probate so your beneficiaries can avoid unnecessary delays.
Maintaining Control And Flexibility
Another powerful feature of a living trust is that it allows you to retain control over your assets while you’re alive. As the grantor (the person creating the trust), you can modify the trust at any time, adding or removing assets or even changing beneficiaries. This level of flexibility allows the trust to adapt to changes in your life, such as acquiring new property or experiencing shifts in family dynamics.
If you become incapacitated and are unable to manage your financial affairs, the successor trustee you’ve designated can step in and take over, so that your bills are paid and your assets are managed according to your wishes. This provides a seamless transition and avoids the need for a court-appointed guardian or conservator. Your living trust manages your estate according to your preferences, whether you’re incapacitated or after you’ve passed away.
Protecting Your Loved Ones
A living trust can also provide a significant level of protection for your beneficiaries. Without a trust, your assets are subject to public probate proceedings, which means your heirs may be exposed to unnecessary delays, disputes, or even creditors. With a living trust, assets are distributed according to your specifications, and because the trust is a private document, it reduces the chances of conflict among family members.
Moreover, if you have young children or beneficiaries who may need help managing their inheritance, a living trust can include provisions that protect them. Our East Greenwich trust lawyer can help you specify how and when assets should be distributed to beneficiaries, perhaps providing funds for education or gradually releasing money as they reach certain milestones. This level of control means that your loved ones are taken care of in the way you envision, providing both financial security and peace of mind.
A living trust is an essential estate planning tool that offers numerous advantages, including avoiding probate, providing flexibility in managing your assets, and protecting your loved ones. By working with our skilled East Greenwich trust lawyer, you can tailor your living trust to your unique needs and goals, helping you maintain control over your financial future. If you’re ready to take the next step in planning for your estate, schedule a free consultation with Aptt Law LLC. Located in the heart of East Greenwich, RI, our firm proudly helps individuals in Rhode Island and Massachusetts with estate planning. Call today and experience our commitment to integrity and comprehensive legal guidance. Let us help you manage each stage of life’s journey with confidence.
