Trusts are a great tool for estate planning and can deliver many significant benefits for Virginia residents. The many types of trusts can be reviewed in a personal consultation with Promise Law in Newport News, VA and our specialists can help a wide range of people across a spectrum of wealth use these planning tools. Here, we outline some of the most favored benefits of a trust.
Protect Your Privacy
A living trust (called “living” because it is created during your lifetime) protects your privacy because the provisions of the trust are not subject to the probate process, which is public. This is different from the details of your legal will, which is handled through probate and becomes a matter of public record. Trust details like beneficiaries, assets and the manner of their distribution are only shared with the trust administrator and beneficiaries.
Enjoy Control Over Your Assets
A trust allows for detailed instructions concerning how your assets are managed, distributed and more. This way, you can outline specific terms and exercise control over your assets – even after you pass away. For example, you can designate certain assets to be used to fund the education of a minor child, or only allow a certain portion to be paid out over time after they reach a certain age. Revocable trusts also allow you some flexibility to adjust the trust terms while you are still living.
Plan for Long-term Care
Trusts are also a good way to prepare in advance for the possibility of long-term care arising from an unexpected illness or health condition. A revocable trust established during your lifetime allows your designated trustee to make distributions for your care, including long-term facility care, paying your bills and even taxes.
Get Help from an Experienced Trust Attorney in Virginia
Promise Law in Newport News has experienced Virginia Trust Attorneys who can help you decide on the best types of trusts for your estate planning needs. We can also help you determine how to fund them and create them correctly for the best tax advantages and other benefits to you and your loved ones. Trust laws can be somewhat complicated, and you need a seasoned attorney to help you navigate the laws and use trusts correctly and wisely.
If you need to learn more about trusts and estate planning, Promise Law offers a free, on-demand Estate Planning Workshop that also includes a complimentary consultation with one of our estate planning attorneys. Register today and begin learning how to use estate planning and trusts to secure your future, and that of your loved ones.