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. Trusts are 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, with those being revocable and irrevocable.
Sometimes simply called a living trust, this instrument gives individuals the ability to exert great control over their affairs without the need to involve the court with every small change. The primary trust maker is usually the trustee in a revocable trust, and the assets included in a revocable trust are still considered property of the primary individual.
The most beneficial trust for an estate owner is an irrevocable trust. Irrevocable trusts are exactly what they say. The trust maker 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. Any changes made to an irrevocable trust must be reviewed by a court. Financial services businesses or banks are often chosen as administrator for irrevocable trust.
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.
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. They are here to help guide you through this important process.