Why Include Trusts in Your Estate Plan?

Many people think that trusts and estate planning only apply to those with great wealth. However, trust can be useful for all adults. We will be describing a few of the ways trusts can help you avoid probate, preserve your legacy, and protect your assets.

Choose Who Controls Your Property

You have the option to be a trustee when you create a trust. Before you create a trust, however, there are potential tax consequences that you should talk to an experienced estate planning lawyer about. Co-trustees can be your spouse, children, or a friend. A successor trustee is someone who will assume the trust’s management if the primary trustee dies or becomes incapacitated.

Are Your Assets Protected?

Are you a landlord? Are you covered by life insurance? Is your total wealth greater than $150,000 A trust is a good option if you have assets worth more than $150,000? The type of trust that you need depends on your age, health, and assets. To find out if one of these trusts is right for you, contact our firm today.

  • Revocable Trust
  • Testamentary Trust
  • Revocable Medicaid Trust

You can be confident that your assets will be protected, and that probate will not occur.

Only You and the People You Choose Can Access the Trust

A trust’s purpose is to prevent people from acquiring your assets. You have control over any assets you may give during your lifetime. You can also place restrictions on assets that will be in effect after your death.

Call Our Estate Planning Team Today

Are you looking for more information about trusts? Tenina Law can help you discuss your estate planning goals, and create a strong legal strategy that suits your needs.

This article was written by Alla Tenina. Alla is a top Los Angeles bankruptcy lawyer and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.