Kentucky – Indiana Living Trust Lawyers Can Help You Avoid Probate
When you wish to control the transfer of your assets upon death, in a private manner, it’s time to consult with our living trust lawyers. There are different types of trusts for achieving various goals. We can help you decide the best way to proceed. Trusts are important tools for taking care of your financial affairs if you ever become incapacitated. We can help you set up and maintain a trust throughout your life and assist with putting it into effect after you pass away.
Different Trusts for Achieving Different Goals
A trust is a means to ensure sure that your family is cared for the way that you would do it if you were alive. Some people think a trust is a complicated matter. Actually, a trust is simply a substitute for you. It is a mechanism for accomplishing what you want to achieve when you can’t do it yourself. You can accomplish many goals with a living trust, such as:
- Avoid probate and having you will and assets made public;
- To hold and distribute funds to pay for a child’s education;
- To care for a spouse while alive, then, at a spouse’s death, redirect the remaining assets to the children;
- To protect a child’s inheritance from creditors, divorce, and bankruptcy;
- To take care of pets or philanthropic goals as you wish to do;
- To arrange for the care of others.
Who’s Who in the World of Trusts
The central concept throughout history is that a trustee owes a high duty of loyalty and care to the beneficiary of a trust. There are three parties involved when a trust is created:
- The creator of the trust who may also be called a settlor, grantor or trustor;
- The trustee who manages and controls the asset; and
- The beneficiary for whom the trustee manages the property.
The creator, trustees, and beneficiary may all be different people or the same person. As is often the case with a revocable trust, the creator, trustee, and beneficiary are the same person.
Funding a Trust is a Critical Step
We offer trust funding services to ensure that assets are legally funded and titled, so in the event of your disability or death, all goes according to your wishes. Funding the trust makes sure an estate plan attains its goals. We also offer trustee education and training to ensure that the loved ones you designate know what to do and when to ask for assistance.
Reach Out to Us to Learn More About How a Trust Can Help Your Family
We can help your loved ones after your death to ensure that your wishes are carried out according to the trust instructions, to avoid confusion and probate. If you have further questions, wish to set up a trust, or want us to review an existing trust, Call our office today.