Used properly, a trust can be the right tool for managing or transferring your assets. Here are three common myths about trusts to help you get the truth.
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Trusts Are Too Complicated
Some believe that trusts take too much work in order to get the most out of them. Assets have to be moved into the trust, usually using a formal designation of ownership from one or more people into the trust. If assets are not precisely retitled, surviving family members might have to go through probate anyways. Avoiding probate is one common reason to use a trust. The bottom line is that trusts don’t have to be that complicated if you structure them properly under the guidance of an experienced attorney.
Only Rich People Need Them
Even if you’re of limited means, there could be benefits to using a trust. Avoiding probate by paying the upfront costs to hire an estate planning attorney to draft your trust could be well worth the payoff in the long run. Trusts can make it much easier for your beneficiaries to receive the assets you’d like them to have.
You Don’t Need a Trust Until Death
A trust developed during your life can outline your plans for handling your affairs if you were to become incapacitated. There are big long term advantages to setting up a trust that works for you while you are still alive.
Interesting in putting together a trust? Call us at 732-521-9455 or through email at info@lawesq.net to begin.