ou have worked hard your entire adult life. You have saved, sacrificed, and invested your resources to build a good life for your family. Now it is time to take the important step of protecting all of your hard work. There are many options for protecting your legacy, but one of the best is to create an Estate Trust.
YEstate trusts are the best option for several reasons. The first is that they usually avoid the probate period. Probate is what happens after a person passes. A representative is chosen and that person is responsible for gathering information about the deceased assets, pay the final bills from the estate and divide the remainder among the beneficiaries. Avoiding the probate period allows your assets to remain private, allows them to be distributed to your dependents sooner, and reduces the amount of court fees your family will have to pay. They also allow you to manage your legacy in precise detail. You decide who gets what, and when they get it (for example, keeping money set aside to be given to your grandchildren when they turn 18). Estate trusts can shield your assets from your dependents’ creditors, and also shield your dependents from high estate taxes that result from life insurance payouts as part of your estate. You can set up funds to be delivered each year, like an allowance, or set aside money for charity.
Trusts can be set up in a wide variety of ways, with almost any stipulation you can think of. The laws in each state vary greatly. Setting up an Estate Trust in Libertyville, Illinois will be different then setting up an estate trust in any other state. To correctly navigate the rules and regulations of setting up a trust you will want a high quality law office on your side. Be sure to ask for references, and research each law firm thoroughly.
In today’s world it is important that you protect your legacy. With the variety of options and precise control you get from an estate trust you can rest easy knowing your family will be taken care of in the exact manner that you prefer, while keeping your assets private, usually avoiding the probate period, and eliminating stress during your family’s time of grief.
