Create Further Security With Trusts
A trust is an important tool in estate planning for those who wish to truly protect their assets. There are several different types of trusts that can help people protect the things that matter with greater flexibility, privacy and control. At Scheidecker Law, in Fargo, North Dakota, our attorney can assist with this. A trust lawyer is essential in this process in order to explain the types and your options, help ensure this document follows all rules and regulations and is truly effective.
What Is A Trust And Why Do I Need One?
A trust is a useful legal document in an estate plan. A trust simply puts some of your assets under the care of another person, or trustee, who is responsible for managing the trust until they are distributed to your named beneficiaries.
Some people use trusts to alleviate or even avoid certain taxes after death. Some use them as a method of establishing or distributing an inheritance. They can be used as a method of distribution of assets, such as a trust after death. People often create these in their estate plans as they can give them peace of mind. A trust can also alleviate certain parts of the probate process, protecting your assets from some government oversight during estate administration.
What Are My Options
As mentioned above, there are several different types of trusts. All serve a different, specific purpose and can be tailored to your specific situation. Understanding these different trusts can help you build greater security in your overall estate plan. Once you understand these different types of trusts, you can begin evaluating your needs with your trust attorney.
A few of the most common types of trusts include:
- Living trust – One of the most common, sometimes also known as a revocable trust
- Special needs trust – Can be created to assist families with members who have special needs
- Irrevocable trust – Differs from a revocable trust as the terms cannot be changed after creation unless the beneficiaries consent.
These are just a few of the most common examples of trusts people employ in their estate plans. Your estate plan lawyer can give you a more thorough understanding of these documents and how you can use them to your benefit.
Do You Still Own The Assets In A Trust
Yes. The grantor, or the person who creates the trust, still owns the assets in a trust during their lifetime. However, in an irrevocable trust, the grantor gives up control of the assets in the trust. These types of trusts have specific benefits though, like protection from creditors and protection from some taxes.
Learn More About Trusts
A trust lawyer from our firm in Clay County can give you further guidance on this estate planning matter. Contact us today to find out more about our services and how we can help you secure your estate. Call 701-941-5800 or use our online contact form to get in touch.