USING A LIVING TRUST FOR YOUR ESTATE PLANNING
There are various options that are available to those wishing to use a trust for estate planning purposes. How exactly are trusts used for estate planning? And does a trust eliminate the need for a will?
A trust does not eliminate the need for a will. A will must be used if a testator wants to nominate a guardian for their minor children. Also, a will can be used to direct that the testator's assets not already in a trust to be placed in a trust after death. Without a will, a deceased person's assets would be distributed under the rules of intestate succession.
A living trust is a common form of trust used by those planning their estates. The person whose assets are placed in a trust is called a trust settlor. A settlor can place title to their assets and possessions into the name of a living trust. The settlor still has the use of the property, but any property in the trust at the time of the settlor's death will probably avoid the probate process. This can speed up the trust distribution process and can afford more privacy. Trusts cannot be used to completely avoid estate taxes, but they can often be used to lower the amount of tax that must be paid.
Trusts are very useful tools for those planning their estates, but trusts are also very complex entities. Estate planning attorneys can be helpful resources for those considering a trust for estate planning purposes and for those needing help with trust administration.
Do not navigate the complexities of your legal situation alone. The “Legal Eagles Team” is here. We are ready to provide you with expert guidance and support every step of the way. Our experienced lawyer is just a phone call away at 863-294-1114. Take control of your situation and ensure your family is protected by reaching out to us today. Your peace of mind is our priority, and we are committed to helping you achieve the best possible outcome via Rignanese & Associates, PLLC
On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.
Source: Cincinnati.com, "Now is the time to consider the basics of estate planning," Tom Cooney and Crystal Faulkner, Nov. 2, 2017