The Many Benefits Of Trusts
Do you know what will happen to your assets when you are gone? If your answer is something along the lines of, “Yes, I have a will,” then you may have some work to do. While you may be able to get away with having only a will, it is usually not the best way to pass your assets on. Instead, consider placing your assets in a trust.
The benefits of a trust are immense, and having one will make life much easier on your heirs. At The Law Office of John J. Stanton in Fullerton, California, we can help you determine if and how a trust can help you accomplish your goals.
We place extra emphasis on making sure nothing is overlooked when establishing a trust. With more than 30 years of estate planning experience, attorney John Stanton will give you peace of mind knowing your assets are well-protected.
What Is A Living Trust?
A living trust allows you to place your assets into a trust and continue to manage them while you are alive. Upon your death, all assets in your trust will pass directly to your heirs without having to go through probate. For your heirs, this means fewer fees and a faster transfer rate. While a will can take more than a year to transfer assets, assets protected by trusts are usually transferred within 60 days.
Is A Living Trust Right For You?
It is a common misconception that trusts are reserved for people of a certain net worth — or will only be worthwhile if you have certain types of assets. The benefits of a trust, however, are not dependent on the value of your assets. If you have any real property — no matter how valuable it is — or other assets total $185,000 or more, you can benefit from a living trust.
Other Trusts We Can Help You Establish
Living trusts are among the most common type of trusts, but they are certain not the only options available. We will carefully assess your assets and your goals to determine if another type of trust might be a better fit. Some other types of trust you may consider are:
- Charitable remainder trusts: These trusts allow you to leave a portion of your assets to a charitable organization.
- Special needs trusts: Special needs trusts protect a person who lives with a disability or illness and receives government aid. These trusts ensure that the beneficiary can continue receiving aid while benefiting from the trust.