If you already have a will, you may be wondering why you’d need or want a trust too. But a will is just the beginning of basic estate planning. Keep reading to learn more about what a trust is and how it can help you. Or, talk to a Tracy trust lawyer today at Lewman Law.
What is a Trust?
You’ve probably heard about trusts before, most people have, but it’s also likely that you aren’t quite sure what they are. You probably have a few questions lined up for your Tracy trust lawyer. Essentially, a trust is just another estate planning tool. It holds property or assets for another person (your beneficiary), or even a charity, and determines how it will be distributed after you’re gone. You make the rules.
Benefits of Trusts
You can use a trust to accomplish a number of estate planning goals. Ultimately, your Tracy trust lawyer can help you review your estate planning goals and determine which kind of trust is right for your needs.
One of the main benefits of establishing a trust is that it can help your beneficiaries avoid both the time and expense of going through the probate process in the court system. It’s important to note that when your estate passes through probate, it’s open to the public. Many people consider this a violation of their privacy. Some other benefits of setting up a trust are that you may be able to minimize taxes on your estate, safeguard assets for minor children, or prevent future family arguments about who gets what.
Types of Trusts
There’s more than one type of trust, so this is where it can get a little confusing if you aren’t experienced with the ins and outs of estate planning. It’s a good idea to talk to an estate planning attorney to figure out which trust is right for you. For example, is it important to be able to make changes to your trust at some point down the road? If that’s the case, a revocable trust is probably in your best interest.
Preparing to Meet With an Estate Planning Attorney
Before meeting with your attorney, spend a little time thinking about your overall estate planning goals. What are you hoping to accomplish? Taking inventory up front can help you save time in your attorney’s office, which, unless you’re being offered a flat fee, will also help you save some money. Consider writing down your questions so that you don’t forget to ask something important. Most people are curious about what can be held in a trust, as well as the pros and cons of their different options.
Talk to a Tracy Trust Lawyer
If you’re in search of a reputable trust lawyer in the East Bay, then you’re in the right place. At Lewman Law, we have the experience you need to handle all of your estate planning concerns. Contact our office today to schedule a consultation by calling (925) 447-1250. You can also click this link to read client testimonials.