One of the most important things you can do for your loved ones is plan for their future. There is a wealth of estate planning tools available to families, one of which is a trust. At Sobon Law LLC, I am passionate about educating young parents on the benefits of a strong estate plan, and I will work closely with you to build a trust that meets your and your beneficiaries’ needs. Much of this work can also be done electronically, so my firm offers convenient and affordable virtual legal assistance.
What Is a Trust?
A trust is a method of estate transfer that involves a fiduciary relationship between you (the property or asset owner) and another person given the authority to handle your assets for your beneficiaries. There are several types of trusts, the most common of which is the living trust.
A living trust is a trust you create while you are alive, and the beneficiaries named in the living trust will receive the trust property when you die. While this is similar to how wills function, wills have to go through probate court, while trusts typically do not. Instead, your property can pass immediately and directly to your named beneficiaries.
Many people create a revocable living trust that can be modified or revoked at any time. With a living trust, while you’re alive, you retain control of the trust and its property. In the trust document, you will name a “successor trustee” to take over and manage the trust after you die, and this person will be responsible for distributing the trust property to your beneficiaries.
Should You Make a Trust If You Already Have a Will?
As mentioned above, trusts operate in similar ways to wills, with one key difference – trusts do not go through probate. By setting up a living trust to transfer your estate to your loved ones, you can save them a lot of time and money, as transfers determined by a will must be overseen in court, where it could be tied up for months or more.
Note that you will still need a will even if you have a living trust. You can include the majority of your property matters in the trust, but there are certain things that only a will can do:
- Designate a guardian for minor children
- Account for property not yet transferred to your trust
In essence, wills also operate as backups to dictate how assets not in the trust should be distributed.
Get started on your trust with Sobon Law LLC in an initial consultation. Bilingual Polish services available.
Make a Living Trust with Sobon Law LLC
The process for making a trust is fairly straightforward, but you will need an experienced attorney to oversee the process, especially the creating of the trust document.
A brief overview of the steps for creating a trust are:
- Decide what property to include in your trust.
- Choose a successor trustee.
- Decide who will be the trust’s beneficiaries (who will get the trust property).
- Create the trust document with your attorney.
- Sign the document in front of a notary public.
- Change the title of any trust property that has a title document (e.g., house deed, car) to reflect that you now own the property as trustee.
It’s never too early to start discussing an estate plan for your children. Many young families benefit from building a trust early on, and it can also grant you stronger peace of mind about your future. Sobon Law LLC will guide you patiently through the process and explain all the technical legal details you have questions about.
Let’s get started on your Cleveland trust today. Contact Sobon Law LLC online for an initial consultation.
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