Bypassing The Probate Process
One of the main benefits of utilizing trusts is that a trust can bypass the probate process. The probate process accounts for the assets of a person who has passed. This process involves the use of a last will and testament, the division of assets, and payment of debts. Assets that are in a trust are held outside of the probate process and transfer directly to the beneficiary. All trusts can be broken into two categories: revocable and irrevocable trusts.
Revocable Trusts
Revocable trusts are the more flexible form of a trust. Revocable trusts can be altered or even terminated by the grantor right up until the grantor is incapacitated or dead. While revocable trusts are able to be changed, they can also sometimes be difficult to argue that the assets are distinct from the general assets that fall into the probate process.
Irrevocable Trusts
An irrevocable trust is the more rigid form of trust. An irrevocable trust is set in stone from the time that it is written and cannot be changed or revoked. However, assets in an irrevocable trust will always be counted as distinct from probate assets.
Planning For The Future
If you want to create a trust to enforce your wishes when you are not able to advocate for yourself, you will need the help of an experienced Trusts & Estates attorney. A Trusts & Estates attorney can ensure that your life plans are legally enforceable and airtight by utilizing their experience and mastery of the subject matter.
In order to achieve this best outcome, however, you will need an attorney who has the expertise and resources to take your case all the way. That’s why you should contact Attorney at Law. By partnering with AAL, you will be able to avoid slogging through the quagmire of unscrupulous lawyers looking to exploit your case.
At AAL, we only partner with the best firms in your area, helping you find the best attorney for your case. Don’t wait, contact AAL today to begin your journey to justice.
