When most people think of estate planning, they think about establishing a will and outlining their final wishes in a single document. Though this method is by far the most common way to create a plan for your assets and estate, it’s not the only option. Trusts allow you to appoint a third-party trustee to oversee your assets and manage distributions to your beneficiaries based on criteria that you establish.
Establishing a trust with the help of an estate planning attorney in Dallas may be a good choice, but how can you tell if it’s the right fit for your needs?
You Want to Prevent Contests
Trusts can dramatically reduce the risk of potential will contests and disputes because these accounts are established while you’re alive. Any beneficiaries you name or appoint in your trust will be the individuals who receive your assets. There won’t be room for any disputes because your wishes are clear and were already in place.
That said, it is possible for your family to dispute a trust. The best way to prevent future disputes is to work with an experienced estate planning attorney in Dallas.
You Want to Provide Money for a Specific Purpose
Though trusts can be used to divvy up assets after your death, they can also be established to fulfill a single purpose. For example, many people establish trusts to facilitate continued charitable donations to organizations they supported in life. Others may establish a trust to help pay for higher education expenses for certain family members. In cases like these, the trust can only be used to cover the expenses as specified by you.
You Want More Flexibility With Distributions
When you establish a trust, you have complete control over how your money is distributed to your beneficiaries. This makes them ideal if you’re worried about a beneficiary’s ability to manage the money you leave them. You’ll be able to establish set distributions at regular intervals to the people you appoint as your beneficiaries so your estate will serve them longer.
You Want More Privacy
When you establish a standard will, your estate will likely go through probate. This means your assets and your affairs will be under scrutiny by more people until the distribution of your assets is complete. Furthermore, there will be a public record established once everything enters the probate process. If you’re a private person or don’t want that much scrutiny over your affairs, establishing a trust can be a great choice.
In most cases, trusts won’t be a matter of public record. This lets you keep your assets and affairs private.
Interested in Establishing a Trust?
Starting your estate plan is one of the best ways to look after the people you love in the long term. While a will can be a good option, establishing a trust may be a better fit. If you’re interested in establishing a trust, work with an experienced estate planning attorney in Dallas. They’ll be able to guide you through the process and make sure your trust accomplishes your goals.
If you’re ready to establish a trust or just want to learn more about how this estate planning method can benefit your heirs, contact Norris & Weber today. Our dedicated team will help you create an estate plan that works for your needs.