There are many ways to protect your assets during your life and for your beneficiaries after your death. Trusts are one option, with several different considerations available in choosing the correct option for your specific goals.
The two basic types of trusts include living or after-death trusts. Living trusts are set up by the person (the grantor) during their life, offering maximum flexibility and enhanced protection. An after-death trust is established upon your death. It is sometimes called a testamentary trust, and it is established by the executor of the will as outlined in the will.
Talking to a Living Trusts Attorney
Talking to a trust attorney in Moline, IL, is the easiest way to understand if a trust is right for you and which option is the best. For many people, the option to use a trust rather than a will avoids the need for probate, reducing the costs and the time to disburse the estate.
A living trust allows the grantor to transfer all assets into the name of the trust. As long as you are alive, you have control over the trust. In a revocable living trust, you remain the trustee, which allows you to add assets, sell assets, or even cancel or modify the terms of the trust at any time.
It is also possible to work with a living trusts attorney to determine the best trustee. In some cases, appointing a corporate trustee ensures your financial affairs are managed by experienced financial experts.
A living trusts attorney In Moline, IL, can discuss the benefits or any potential considerations for choosing a trust over a will. This is important as everyone’s financial situation is different, and not all estate planning tools are the correct option.
If you need the services of an experienced living trusts attorney, contact the lawyers at David J. Franks, P.C. To find out more about this alternative to a will, see us at davidjfrankslaw.com.
