Trusts
Preparing for when you pass away is a part of the future that most people prefer not to think about. However, for your children or dependents, business ventures, and other circumstances, it is a necessity to do so. A trust is a great way to plan for all the important people in your life to be taken care of after you’re gone. Trusts are essentially divided into two specific groups: revocable and irrevocable.
Revocable Trusts
Sometimes simply called “living trusts,” revocable trusts give individuals the ability to exert great control over their affairs without the need to involve the court with every small change. The creator is usually also the trustee, and the assets included in a revocable trust are still considered the property of the creator of the trust.
Irrevocable Trusts
The most beneficial trust for an estate owner is an irrevocable trust. Irrevocable trusts are exactly what they say. The creator relinquishes all control and property claims on the assets, and the trustee can be any person or business entity according to the wishes of the primary asset holder. A court must review and approve any changes made to an irrevocable trust. Financial services businesses or banks are often chosen as administrator for irrevocable trust.
Special Needs
Trust funds also can address special needs in the event that the estate owner dies. They provide financial support for minor children, as well as adult children with disabilities. An administrator manages the trust and disburses the funds according to the estate owner’s wishes.
Contact Us
Estate planning is a delicate matter that should be handled by professionals. The number of times you have seen or heard about families that engaged in fierce legal battles is enough to make you want to do things the right way. You need to find an attorney at law with the legal expertise to handle your estate. Don’t hesitate to contact the Law Office of Kirk McIntosh to schedule a time to look over your case. We are here to help guide you through this important process.