If you would like to leave your estate to your spouse or loved ones, and you would like to help them avoid probate processes, it is advisable to hire an attorney to help you create your trust.
A Trust Lawyer in Greenville, SC is able to set your trust up for you. These are lawyers that are also able to offer the necessary legal assistance to the trustee that you have named in the trust, who will be given the responsibility of managing your trust when you die. You also have the choice to nominate your attorney as the trustee. This is usually helpful when your estate is complex and large. Nominating your attorney will ensure the trustee will be a third-party that is impartial.
There are many reasons to create a trust. Some of these include:
In many cases, estate planning attorneys will suggest creating a few trusts on your behalf. At James Stone Craven, LLC, in South Carolina, the lawyers are experienced with every trust type and the right ways to use them. This will ensure that your assets are preserved and your family is protected.
If you are in the process of creating one or more trusts, it is always a good idea to have it reviewed or created by an experienced trust lawyer. Here are some of the common reasons you should be considering a trust:
When used by skilled and experienced trust and wills attorneys, the revocable and irrevocable trusts serve very different purposes. The irrevocable trusts cannot be changed or amended once finalized absent from a court approval, while the revocable trusts are able to undergo changes until you die.
Once your assets have been transferred over into the trust you created, these assets no longer “belong” to you (the trustor). This means that because the funds are now not regarded as your property, they are also protected from bankruptcy laws, lawsuits, and creditors. However, once these funds have been distributed among the designated beneficiaries, they will become taxable according to the income tax rate of the beneficiary.
The irrevocable trusts become helpful when planning your estate as the funds that are contained in them, will usually not be added to your estates’ overall value. Hiring an experienced trust lawyer can assist you with what assets to put into a trust in order to lower tax burdens for your heirs.