Trusts

Introduction

What Is Estate Planning?

How We Are Different

Our Process

Child Protection Plan

Wills

Trusts

Power of Attorney

Tax Planning

Asset Protection Planning

Maintenance & Education Program

Estate Planning Services

A Trust is an estate planning tool that allows one or more persons (the Trustees) to hold and manage property for the beneficiaries of the Trust. If the Trust is created by your will, it is called a Testamentary Trust and it is created after your death. If the Trust is created while you are alive, it is called an inter vivos or Living Trust.

There are different types of Trusts that serve different purposes. Your estate planning attorney will be able to educate you about Trusts and recommend the best estate plan for you. Some types of Trusts include:

Revocable Living Trust

Irrevocable Trust

Irrevocable Life Insurance Trust

Irrevocable Education Trust

Special Needs Trust

Generation-Skipping Trust

Tax Planning Trust

Bypass or Credit Shelter Trust

Marital Deduction Trust

Normally, you will serve as trustee of your trust or you can have one or more responsible individuals, a bank's trust department, or an independent trust company serve as trustee. It's totally up to you.

The Main Advantages of a Living Trust

* If you need to have someone else manage your property and pay your bills in case of illness, the Living Trust is a good arrangement.

* Avoiding probate which can save some time and money.

* Because a Living Trust is not filed in Court, its provisions are private. This differs from a Will, which must be filed with the Probate Court and becomes a public document.

The Main Disadvantages of a Living Trust

* Compared to a Will, there are usually more initial costs in setting up a Living Trust. This is because a Living Trusts generally requires more extensive and complex drafting.

* Another disadvantage is the time needed to assure the proper “funding” or re-titling of probate assets in the name of your Living Trust.

We know that your children and your assets are important to you. If you wish to ensure your children are fully protected and to take control how your assets will be managed, protected, and distributed, start now by contacting the Kinsey Law Group.

To learn more about how we can help you, please feel free to explore this website and our blog. Use the "Contact Us" link above to send us any questions you may have or to make an appointment.