The passing of a loved one evokes many emotions and it is often unexpected. There are many feelings that can come with the death of a relative, family friend, sibling, or parent. Grief affects all of us in many different ways, but our caring staff is here to listen and offer our help during this tough time.
Losing a loved one can be a deeply difficult and emotional experience. It can also be a time when important decisions need to be made about how to manage someone’s assets and finances. Creating a trust can be an effective way to ensure that your loved ones are taken care of and that your assets are distributed according to your wishes.
A trust is a legal agreement that allows you to transfer ownership of your assets to a trustee, who manages the assets on behalf of your beneficiaries. Trusts can be set up in a variety of ways to achieve various goals, but they all have one thing in common: they provide a way to control how your assets are distributed after your incapacity or death.
One of the key benefits of creating a trust is that it can help avoid probate. Probate is a legal process that takes place after someone passes away, and it involves distributing their assets according to their will or state law. Probate can be time-consuming, expensive, and can result in the loss of your family’s privacy. By creating a trust, you can avoid the probate process altogether, allowing your assets to be distributed more quickly and efficiently.
Another benefit of creating a trust is that it can help you protect your assets from creditors and lawsuits. When you transfer ownership of your assets to a trustee, those assets are no longer considered to be part of your estate. This can make it more difficult for creditors or those pursuing legal action to access those assets.
Creating a trust can also be an effective way to provide for your loved ones after you pass away. With a trust, you can specify how your assets should be distributed, including when and under what circumstances your beneficiaries should receive their inheritance. This can be especially important if you have minor children or beneficiaries with special needs, as it can provide a way to ensure that they are taken care of even after you’re gone.
Morris Hall Partner, Theron Hall Jr, discusses the benefits of a trust in the following video.
Contributed by MH Phoenix and Mesa Estate Planning Attorney and Partner, Theron M Hall Jr.