Tristate Trusts Attorney
A Tristate Trusts Attorney Knows that Estate Planning Is Personal
A will and a trust can each distribute assets after someone passes, but each vehicle does so in a different way and under a different legal framework. There are pros and cons to each method, and one is not superior to the other. Which one to choose turns on your individual circumstances. A Jenkins Fenstermaker tristate trusts attorney can walk you through the differences and advise on the best fit.
Selecting a Trust Depends on a Variety of Factors
For thorough estate planning, you need to partner with a trusts and estates attorney to determine whether and when to set up a trust that will best achieve your goals. These goals range from those personal in nature, such as who receives a particular item, to the more business in nature, such as tax savings. Timing is also a consideration as trusts can be implemented to effectively manage assets while you are alive as well as ensure that your assets are distributed according to your wishes upon your passing.
Structuring a plan that addresses both your needs and all legal requirements demands a learned advisor. Working with an attorney with deep knowledge of the federal, West Virginia (WV), Kentucky (KY) and Ohio (OH) laws governing trusts and estates who can also address both business and personal nuances can give you peace of mind that your estate plan will be executed as you intend.
Trusts allow beneficiaries to avoid the probate process, which often restricts access to property, accounts, and other assets until probate is complete. The probate process is often lengthy and can cause financial hardships. If property is held in more than one state, multiple probate filings may be necessary. Trusts allow for a greater level of privacy because there is no public filing with the court system.
The Trust Advantage
Trusts, such as a revocable living trust, can also to serve as a vehicle to manage assets while you are alive and identify successor trustees, possibly eliminating the need for a power of attorney. With respect to post-death distributions, trusts offer the flexibility to designate when beneficiaries receive their distributions and can often be established in a way to best achieve tax savings.
Determining whether a trust will suit your needs is a very individual question and should be part of your overall wealth management planning. The answer to the question “Do I need a trust?” will depend in part on your family relationships, business ventures, charitable leanings, state and federal tax situation, and net worth.
Do I Need a Trust? Ask a Tristate Trusts Attorney.
Wrapping your arms around all these interconnected pieces can be time-consuming if not overwhelming, and the process of establishing a trust is not something easily done on your own. An experienced trusts and estates attorney will partner with you to determine when to set up a trust as well as the right trust vehicle to meet your distinct objectives.