Wills and Trusts Law Firm Ridgefield, CT
A trust planning lawyer helps people plan their legacy and leave their heirs with more than simple memories. They can help you whether you will have a modest estate or one that is complex and far reaching. The experience of a trust planning lawyer will allow you to put your mind at ease knowing that all the necessary details are taken care of. You can feel confident that your surviving legacy will be just as you intended and can protect your heirs from unnecessary tax burdens. As well, you will retain full control of your property and assets for your lifetime. If you wish, a trust planning lawyer can assign your significant other (or another trusted person whom you specify) as the trustee so that they will share control.
How does a trust differ from a will?
When you meet with a trust planning lawyer and share your estate goals, your options will be explained. In this way, it’ll be easier to decide if a trust will meet your needs more than a will, or if you should consider having both which is what many people choose to do. Here are some of the main differences between a trust and a will:
- The details of a trust remain private. The details of a will are available to the public.
- A trust goes into effect immediately upon creating it. A will goes into effect only after your passing.
- Your designated trustee will be responsible for disbursing your assets after your passing as per your specifications, but you cannot specify who should be the guardian(s) of your minor-aged children. A will can specify this and is one reason why many people choose to create both with the help of a trust planning lawyer.
- A trust allows your heirs to avoid paying taxes on the assets they inherit which are included in the trust. When heirs inherit assets left to them in a will, they are often forced to pay taxes for those assets which can be significant.
- A trust allows your heirs to avoid having to go through the probate process. With a will, any assets that an heir inherits may have to go through the probate process first. This can add unnecessary costs and time delays. Our trust planning lawyer can move all of your assets to a trust in order to avoid probate.
If my assets are transferred to a trust, will I have access to them for the remainder of my lifetime?
Yes, you will have access to them and retain full use of them. Upon your passing, the trustee will transfer them to your designated heirs. Your trust planning lawyer can help you determine which of your assets should be included in this process.
To learn more about whether or not a trust is right for you, contact a wills and trusts law firm Ridgefield, CT offers to schedule an appointment with a trust planning lawyer.
Contact Sweeney Legal, LLC for their insight into estate planning and the difference between a will and a trust.