A lot of our clients do not fully understand everything about trusts, so in this post, we clear up a few of the most common questions we get asked:
Do you have to have a trust if you have a will already?
It is possible. There are a few common components that both trusts and wills address, but one isn’t actually a replacement for another. You might find that you require both to better protect and preserve your legacy. In order to help you with comparing the limitations and benefits of each, it is recommended that you consult with a lawyer to go over your unique circumstances.
Will a trust assist you in avoiding probate?
Absolutely. Upon someone’s passing away, a will has to always be probated. However, revocable trusts are entirely different legal entities and all assets placed inside of them aren’t subject to probate once the creator passes on. In turn, the directives that are contained within the trust may be carried out without any delay in the majority of cases.
Are you going to lose control if you set up a trust?
The answer is no. You don’t give up any control once you make a revocable trust. You’ll keep as much of it as you need. As the trust creator, as known as grantor, you’ll keep the power to change trustees, withdraw or add assets at any point, amend or perhaps altogether revoke the trust. As the grantor, you have the ability to decide who will serve as trustee. Most people nominate themself to serve as the initial trustee.
Is your trust agreement private?
Definitely. Unlike a will’s terms which become public records, the trust agreement terms stay private unless litigation ensues.
Is it difficult to set up a trust?
No. However, if you attempt to set up a trust on your own, you will likely create a mess and will not accomplish your goals. The first step it to meet with an attorney and discuss your goals and current financial circumstances. Once an attorney has assessed your goals, they will formulate a plan that will accomplish your goals and will be manageable for you. You will have the ability to designate who will be in charge during your lifetime (most people nominate themselves as the Trustee during their life) and who will take over when you have passed.
To discuss more information about Estate Planning, Probate, Medicaid, LGBTQ legal services; contact Blackburn Law Firm today at 727-826-0923.