When I meet with new clients for the first time, I try to help them understand what a trust is and how it will be used throughout the rest of their lifetime. I tell them a trust is like a box, and we want all of their assets (everything that they own) to be inside this box. And they are going to have this box with them for the rest of their life. If there is an asset outside of this box when they die, that asset could end up going through a court process called probate if the asset exceeds a certain value. Avoiding probate is just one of the many reasons to use a trust.
I typically draw a diagram on the board of how this trust is going to work for them for the rest of their lives. The neat thing is that the trust not only benefits them while they are alive, but also for their surviving family members after the client passes away. I love watching my clients learn how the planning they do now can benefit many generations to come.
The trust we create today is like a blueprint of how you want to protect and provide for your family in the future. Many clients ask if we are going to do everything today that the trust says. The answer is no. Compare the trust to a blueprint for a house. While the client is alive, the trust will give direction to build the first floor of the house. The plans for the remodeled kitchen and garage are there on the blueprint, but it isn’t time to build those yet. Then when the client dies, the family members can use the trust to carry out the remodel plans, and the end result is an even more awesome house than the one we started with. There was no second guessing for the family members; the client’s wishes were right there in plain sight for everyone to see.
Don’t leave your estate or your wishes to chance. Please come in and see us for a free consultation so we can help you design the “house” you’ve always wanted.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Estate Planning Tips for Solo Seniors - November 17, 2023
- Inheritance Planning: Have You Considered Digital Assets? - November 16, 2023
- Estate Administration: Executor vs. Trustee Roles and Considerations - November 15, 2023
Leave a Reply