Trust Planning Attorney
In addition to a will, many individuals or families establish a trust to create a complete estate plan. A trust allows a person to allocate assets and determine when the beneficiary will receive them.
What’s the difference between a will and a trust?
A will goes into effect only after an individual passes away. A trust takes effect as soon as it’s created. Because of this, a trust can begin distributing property before death. Another difference is that a will passes through probate where a trust can remain private, lacking the need for a court to oversee the process. When drafted correctly by a trust attorney, a trust can avoid unnecessary taxes, assure fast distribution of assets and keep the individual’s wishes private.
Reasons to Have a Trust
- To avoid probate. A Living Trust can be used to avoid probate, which can save time and money.
- To provide creditor protection for the inheritance. Worried about the inheritance you leave to your children being lost to creditors? A properly drafted trust can allow the maker (settlor) to safeguard an inheritance from the beneficiaries’ creditors by keeping the assets out of the name of the beneficiary and providing rules for any funds or property that are distributed to the beneficiary. Ownership of the assets remains in the trust.
- To protect governmental benefits for a person with disabilities through a Special Needs Trust. If you have a beneficiary with a disability, then a Special Needs Trust is almost always the way to go. A Special Needs Trust will protect the beneficiary from losing their needs-based governmental benefits.
- To reduce estate taxes. By distributing wealth via an irrevocable Trust combined with a planned gift estate planning strategy before an individual dies, they can significantly decrease their estate. This, in turn, reduces the amount of estate taxes due after death.
- To administer assets for minor beneficiaries without court intervention. Leaving money directly to a minor creates issues due to the law preventing a minor to receive assets. By leaving their assets in a Trust, they can receive distributions from a trustee that you appoint and instruct without the intervention of the court.
Trust Attorney Services
Our estate planning and trust attorneys have years of experience helping clients establish revocable living trusts, irrevocable trusts, asset protection trusts, and wills. While headquartered in Chattanooga, TN, we have the capability to generate trusts for individuals throughout Tennessee, Alabama & Georgia.
We take a comprehensive look at a client’s situation and help them determine who should act as trustee as well as establish a reasonable timeline for beneficiaries to receive any assets. Our attorneys comb over each detail in the trust to make sure the instructions reflect our client’s wishes.
Contact Wooden Law Firm, P.C.
At Wooden Law Firm, P.C., we understand that no two situations are the same. Our trust attorneys will get to know you and your situation to establish an estate plan that works for you.
Contact us today to learn more about your estate planning options.