Most people think about estate planning in terms of their last will and testament and passing on property through that will. However, there are other ways besides a will to transfer assets to loved ones or trusted friends.
A Dominion trusts lawyer can help you explore trusts to benefit your loved ones. With a focus on you and your family, the knowledgeable estate planning attorneys at Begum Peláez-Prada, PLLC can develop a plan for protecting your assets after you pass away.
A trust is a legal arrangement for a person (known as a settlor or grantor) to give up possession and title to certain assets and for a trustee to manage those assets for the benefit of one or more beneficiaries. Depending on how the trust is created and governed, its assets can be protected and preserved for when you pass away.
Trusts can be made irrevocable, meaning you cannot take back the assets. An irrevocable trust can protect the assets from legal issues, as they are no longer a part of your property. You could also choose a revocable trust, which allows you to take back the assets without the same separation and protection. A trust can even be charitable, holding and growing assets to donate to certain causes and organizations.
Trusts can help you avoid certain tax liabilities and issues at death by transferring assets to the trust beforehand. Using a trust to pass on the value of your assets can also ensure those assets are properly managed by a trustee and clearly paid out to beneficiaries without complications. You can create a trust for the benefit of your loved ones with the help of a trusts attorney in Dominion.
Constructing a trust requires finding a trustee and transferring your assets. A lawyer can help you find a person or entity, such as a bank or agent, and create the documents necessary to make the trust official.
For example, you must ensure the trust is appropriately funded or will become funded after death. A series of agreements may be necessary to transfer ownership of the proposed trust assets and ensure a trust has the necessary assets to pay out benefits to your beneficiaries.
Beyond creating the trust relationship, you must broadly evaluate your assets and plans. For example, you must decide whether the trust assets will include real estate, financial accounts, business ownership equity, and insurance products.
A trusts lawyer in Dominion can review your assets with you to understand what kind of trust you might need and how it will benefit your loved ones.
Taking the first step in planning your estate may seem daunting, and preparing requires careful consideration of your family circumstances. With the right advice and guidance, you can craft a plan and create the trust you need.
A Dominion trusts lawyer at Begum Peláez-Prada, PLLC, under the leadership of managing partner Sasha Begum, can assist you in the process of creating a trust. Contact our office for a consultation on your trust needs and estate plan.
