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Trusts are fiduciary arrangements that you can establish to hold assets for someone else. Trustors – those who create the trust – can transfer property or assets into the trust where they will be stored until the beneficiary collects them. A trustee – named by the trustor –manages and oversees the trust on behalf of the beneficiaries.
Trusts are useful legal tools in estate planning that offer a variety of benefits. If you would like to learn more about how a trust can benefit you or how to create one, the trust lawyers at Howes Law Firm, P.C. are here to help. Our firm has been helping clients in Cedar Rapids establish all types of trusts since 1989.
Types of Trusts and How to Fund Them
Each type of trust has a specific purpose and offers unique benefits to managing the trust. Trusts can either be revocable (changeable) or non-revocable. Revocable trusts, which are among the most common type, are trusts in which you are both the trustor and the trustee, allowing you to remain in control of your assets during your lifetime. These are also called living trusts.
Many people choose to fund a trust with:
- Real estate
- Bank accounts
- Life insurance policies
- Business assets
What Are the Benefits of a Trust?
When creating an estate plan, you may think your will can fully outline your wishes for all of your assets. However, even a well-drafted will can only go so far when it comes to protecting and distributing your estate. In the long term, a trust will provide significant benefits to asset management and protection even after you pass away.
By establishing a trust, you can:
- Avoid the probate process and thus the expenses and time connected with it
- Minimize gift and estate taxes
- Create instructions for the management of assets should you become incapacitated
- Outline requirements that beneficiaries and heirs must observe to obtain the assets you have designated for them
- Create a plan for the management of assets that will care for any minor children in the event of your death
- Provide the peace of mind to you and your loved ones in having clear instructions for managing your assets
Beneficiaries can include family, friends, charitable organizations, or others you designate. Your beneficiaries will receive your trust assets from the trustee according to the instructions in the trust document.
Start a Trust With Howes Law Firm, P.C. Call (319) 264-2922.
You may not know whether a trust is a good fit for your estate planning needs. That is why we recommend that you consult with one of our attorneys for estate planning and probate so that you can learn more, understand the benefits, and make an informed decision. We can guide you through the process and handle all the details to create the right trust for your needs.
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