How a Trust Can be Beneficial for You when Planning Your Estate
When people seek out a lawyer to help plan their estate, they often think of having a will written to have their final wishes documented. In a will, they name the representative and beneficiaries of their estate and how they want their property distributed. Often, they will not even consider establishing a trust for their estate until they consult with legal counsel. A wills and trusts attorney in Davenport, IA can help explain the different types of trusts and how you can benefit from having one established while your will is being written.
What a Trust Can be Used For
- A trust can be set up to help manage the finances of a person when they are unable to make financial decisions on their own. A grantor will have access to the trust to make payments for living expenses and medical care for a disabled person.
- One can be created and set aside to pay for any inheritance taxes beneficiaries will have when they inherit property from a deceased person.
- When children are underage, a trust can be set up for the family member that will obtain custody of them upon your death to help offset their financial expenses.
- A wills and trusts attorney in Davenport, IA can establish a trust for a young adult that you feel is not financially responsible until they reach a certain age or meet a requirement to gain access to the funds.
- To help sidestep probate court and allowing for your properties to be directly transferred to your beneficiaries.
Consult with a Trusted Attorney on Establishing a Trust Today
If you are concerned for your family’s financial future and want to ensure they will be taken care of after your death. You should consult with the experts at David J. Franks Attorney at Law to learn how they can assist you. From writing a will to overseeing the distribution of your property, you can put your mind at ease by consulting with an attorney today.
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