Many estate planning issues require your answers to difficult questions. In fact, these topics can keep you up at night. For example:
- How sure are you that your assets will be distributed according to your wishes if you become incapacitated?
- If you have minor children or children with special needs, will there be enough money for their support?
- If you own a family business, have you considered continued operations and how the assets would pass on after you die?
The answers to these and other related questions lie in the creation of a trust that allows you to transfer property and assets for the benefit of your beneficiaries. Your assets are placed under control of a trustee (usually you as the initial trustee). Upon death, the successor trustee manages and distributes the assets in accordance with your wishes.
There are many types of trusts and each is designed to accomplish your specific goals. Trust agreements are a great tool for avoiding probate, and skirting the court hassels and costs that would adversely affect your loved ones.
Because trusts are complex, it’s important to consult an estate planning attorney for information on how they work and how we can answer your questions both quickly and affordably. Your situation is unique and we will develop a trust that makes the most sense for your family.
To find out more about the firm visit http://www.lipsonneilson.com/