By Ryan McNeill, Attorney at Law
We spend most of our lives working hard to build a secure, prosperous future for ourselves and our loved ones. We often do not consider what happens if we do not have sound estate plans in place. The assets you leave behind after your death can be tied up for months or years as your family works to resolve estate administration issues through the court system. This stress is not something you wish your heirs to deal with, especially as they mourn your loss.
Regardless of the size of your estate or the value of your assets, there are many excellent reasons why contacting a reputable attorney to discuss whether establishing one or more trusts is in the best interests of you and your family. By working with a competent attorneys’ office that you feel comfortable with, you can be secure in knowing that decisions concerning the distribution of assets and your estate issues will be resolved in a manner of your choosing and without the delays typically associated with estates.
One of the most significant benefits of having a trust prepared by a reputable law firm is that it streamlines the process of transferring assets upon the death of the grantor (the party who established the trust). In an ideal situation, the trust’s beneficiaries can avoid dealing with the probate court entirely, reducing their stress and making the distribution of assets easier.
Another direct benefit of a properly prepared trust is allowing the person establishing the trust to select the individual(s) who will oversee the management of the trust assets and who will handle asset transfers. This means that the other beneficiaries or spouses of beneficiaries do not have to sign off for things that are already authorized by the trust instrument. The trust allows for flexibility in the distribution of assets in a manner that agrees with the wishes of the trust’s creator. In other words, instead of the court system distributing assets in an impersonal manner, you can allow a trusted relative, friend, or trust company to carry out your wishes on your behalf.
Finally, an experienced trust attorney can discuss options to help protect your funds from claims relating to nursing home expenses and reduce costs and fees associated with the court system. By making your heirs beneficiaries of the trust, you can avoid paying probate fees on the funds in many instances and significantly speed up the distribution of assets. Discuss this further with a trusted estate planning attorney for specific details based on your situation. By taking the simple step of consulting with an attorney, you can feel more secure knowing that your lifetime of hard work will be passed on to your loved ones without added stress and delay. Dealing with such a complicated matter does not need to be something you face alone. Contact Brinkley Walser Stoner today to schedule an appointment.