Living Trusts

Understanding Living Trusts

As you get older, you begin to think about think about what will happen to your family and loved ones once you are gone.  When there is a large financial wealth to consider, it may be more appropriate to delegate some of your assets before the time of your passing. 

 

A living trust allows you to do this legally without additional documentation. A living trust establishes how a Trustee will manage your estate.  It also helps to instruct how financial assets are transferred.  Below are three main benefits to establishing a living trust.

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1. Maintaining Control

   • With a living trust, you are able to specify the terms of your trust and control how your estate is distributed among your heirs.  It lets you establish a revocable trust so that your assets are still accessible to you for the remainder of your lifetime while also pre-determining to whom they will go to once you are gone.  This is why having a living trust can be very helpful in complex family situations such as divorce, multiple children, or when you include in your list a benefactor who does not have a blood relation.

2. Providing Protection

   • Having a legally binding living trust put in place will provide the needed protection for your estate from creditors or beneficiaries whom you may not trust.  It helps to guarantee that you are protected financially during your lifetime and that your final wishes are honored upon your passing.

3. Privacy and Avoidance of Probate

   • In many cases, probate must be publicly disclosed.  A living trust lets you to transfer your assets to your beneficiaries without undergoing the probate process, thereby keeping your financial records private.  And because personal privacy is so important to many people, the option of establishing a living trust is a good way to guarantee that you personal information is not shared publicly.  Furthermore, a living trust can significantly diminish the amount of legal fees and taxes paid in connection with the process of transferring your estate.

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Who Can Help You Establish a Trust?

 

It is never too early to begin considering the future.  Because nobody has the gift of foresight, establishing a living trust can provide a great peace of mind, knowing that a safety net is put in place against future uncertainties.

 

Finding a lawyer that you can rely on to help establish your trust can be difficult.  A lot of individuals worry that the process will be overly complex or that the legal firm you hire will not be able to deliver the assistance that you need.  But that does not mean you can’t find a reputable one.

 

The Smykowski Law Offices recognizes the complex feelings that people may have when establishing a living trust.  Robert and his team cater to their clients by providing expert legal advice to help ease the burden that they may feel in the process.  What sets the firm apart is the attention to detail and consideration that they pay to each unique case.  Robert A. Smykowski  &  David P. Smykowski  take the time to deliver one-on-one explanatory service so that clients feel comfortable and well advised.

 

One of the top concerns that clients raise when seeking out legal assistance is whether or not they can find a lawyer they can trust.  The Smykowski Law Offices understands this concern and so the team will go above and beyond to provide discrete professional legal assistance when needed.

 

Because the legal process regarding living trusts can involve complexities, Robert A. Smykowski   &  David P.  Smykowski  will take the time to help clients better understand the process so that all parties are satisfied.  When a problem does arise, Robert or David and his team will professionally handle the legal proceedings without hesitation.

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Enjoy Peace of Mind with a Living Trust

 

Having a living trust established can be extremely helpful to see to it that your family is properly cared for throughout their lifetime.  They will benefit from reduced fees and taxes that can be achieved as a result of having assets not undergoing probate – made possible by the establishment of living trust.

 

A living trust ensures that your true wishes are recognized so that you can continue to enjoy the finer things in life.  It also provides the peace of mind knowing that your wishes will be fulfilled regardless of whether or not you are able to personally handle your finances and properties.

 

It is important to note, however, that a living trust is not necessarily useful to all people and can, at times, cause great misunderstanding to those who fail to investigate the matter properly.  But when you seek the help of The Smykowski Law Offices, rest assured that the team will not set up a trust that you do not need.

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Are All Trust the Same?

 

No, not all trusts are the same.  There are different types of trusts and it is imperative that you are familiar with each of them.  Below is a list of some of the trusts that Robert and David and his team can create for clients: 

• Charitable Trusts: These trusts give property to a charity in order to avoid taxes. (The team can create contingent trusts that give property to a charity only if you are facing estate taxes.)

• Revocable Trusts: A trust that the creator can alter or cancel during his or her lifetime.  Only after death does the title to property transfer to the beneficiaries.

• Insurance Trusts: An irrevocable life insurance trust is a trust that gives money to your beneficiaries at the time of your death.

• Marital Trusts: This trust is established to avoid estate taxes by transferring title of your property to your spouse.

• Special Needs Trusts: This trust is very helpful when you have minor children or disabled family members.

 

Robert A. Smykowski and David P. Smykowski and their team will strive to ensure that you set up the correct type of trust for your specific situation.