Trusts & Estate Planning
A Smarter Way to Secure Your Legacy
Estate Planning:
A Trust May Be Exactly What You Need
Trusts don’t have to be complicated, and they’re not only for the wealthy.
It should protect what you’ve built, both now and in the future. It should help ensure your loved ones have the support they need.
Having an estate plan should give you peace of mind.
Trusts are one of the most effective tools we use to help you accomplish each of those goals.
A trust can be a smart solution when it’s designed to meet your specific needs.
See Our Estate Planning Options:
What is a Trust?
A trust is simply a legal way to organize your assets so you can decide how they’ll be managed and shared with others in the future.
With many trusts, you’re still in full control of your money, your property, your business, and other assets while you’re alive and well.
Looking ahead, a trust also ensures the people you care about are protected and supported if the time comes when you can longer manage things yourself or when you’re no longer around.
Avoid the Courts
Keep your estate out of probate court.
Assets in a trust don’t have to go through probate. This lets your trustee follow the rules you’ve set and give inheritances directly to your beneficiaries without a court supervising the process. This saves time, money, and prevents legal headaches.
Guard Their Privacy
Keep things private for your loved ones.
Unlike a will, a trust is a private agreement that doesn’t require a court filing. This keeps your family’s confidential information – especially about their finances and the assets you leave them – out of the public record.
Set Your Own Terms
A trust can include age or academic milestones, such as graduating from college or turning 21, that must be reached before an inheritance is paid out. Discretionary income payment schedules can also be set.
Protect Their Future
Make sure your assets go where you want.
You can create a legal wall between what your beneficiaries inherit and any liabilities they may have from debt, divorce, or other claims. In most cases, a trust can keep other claimants from accessing what’s in the trust or what it pays out.
Prepare for the Unexpected
With a revocable trust, you can name a trustee who will immediately step in to manage your assets and pay your expenses if you become incapacitated. This keeps you and others from going through guardianship or conservatorship proceedings. It also keeps your finances running smoothly.
Putting It Simply…
It eases the burden on your family during what can be an emotional time.
You have peace of mind knowing they’ll be taken care of.
What Type of Trust
Do You Need?
Your life isn’t one-size-fits-all. Your estate planning options shouldn’t be either.
The types of trust that often give the most benefits are revocable living trusts and irrevocable trusts.
Revocable Living Trusts
A revocable living trust is ideal for individuals or families who want flexibility and control.
If something happens to you, whether you become unable to manage your affairs or you pass away, a trusted person you’ve chosen steps in immediately to manage the trust.
This helps prevent delays, court involvement, and the red tape that’s become common in settling many estates.
Revocable living trusts are great for:
Avoiding probate and keeping things private
Preparing for a day when you may need help
Smoothly handing control to the next generation
A revocable living trust can also include long-term protections for your loved ones, making sure what you leave them isn’t taken away.
Irrevocable Trusts
Though irrevocable trusts are less flexible, they can give your assets greater protection and be quite useful in special situations.
An irrevocable trust is different from a living revocable trust in that an irrevocable trust can’t be changed (except in certain circumstances) once it’s finalized.
The assets in an irrevocable trust can’t be taken back out for your use or for other reasons. Instead, they’re legally set aside and held securely for your loved ones.
Irrevocable trusts are great for:
Safeguarding assets from lawsuits and creditors
Protecting your children’s inheritance from long-term care expenses
If you need an extra layer of protection for your assets or want your legacy insulated from unexpected risks, we may recommend an irrevocable trust as part of your estate plan.
The Trust That’s Right for You
Deciding on a trust for your estate plan isn’t something you should do alone.
At Bishota Law, we guide you through that decision as part of your personalized Legacy Planning Session.
We’ll talk through your assets, your goals, any needs your family may have, and any risks you may want to plan for.
Then we’ll walk you through your options, discuss the benefits of each, and make sure you feel confident about the plan you’re putting in place. You may find that a trust-based estate plan is exactly what you need.
Schedule your planning session:
A thoughtful plan that’s built around you.
If you’re considering a trust or want to learn more, we’d love to talk with you.
We take the time to get to know you and understand what’s important to you.
Then we build a plan that supports you now and protects the people you care about later on.
A thoughtful plan that’s built around you.
If you’re considering a trust or want to learn more, we’d love to talk with you.
Schedule your Legacy Planning Session or call us to get started!
We take the time to get to know you and understand what’s important to you.
Then we build a plan that supports you now and protects the people you care about later on.
Learn more about our estate planning process.
Estate Planning Resources
Joint Tenancy vs. Tenancy in Common
Seven Things to Consider When Drafting Your Will
Drafting your will is a vital step in the estate planning process. We share seven important points to keep in mind as you begin the process. Read More
Common Property & Separate Property
Knowing the difference between community property and separate property is vital when it comes to estate planning. We explore what sets community property and separate property apart from each other and why they matter. Read More
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