Creating a trust as a means of leaving money to beneficiaries can be a useful and efficient tool as part of estate planning. There are a number of ways to create and maintain trusts. Two popular types are revocable and irrevocable trusts. The estate planning attorneys at Shapiro Law Group, PC, can help you decide which may be the best option for your particular needs.
When a revocable trust is created, the assets are passed directly to the beneficiaries. They do not go through the probate process. The amount and the identity of the beneficiaries are kept private also, unlike a will which goes through probate and becomes part of public record. When you create a revocable trust, you maintain control of the trust. This means you have the ability to amend, revise, or revoke the trust at any time. The ability to change or add beneficiaries or revise a trust in any way you see fit makes it a revocable trust a popular option.The downside of a revocable trust includes the fact that if you have creditors seeking money or you owe taxes, those funds can be taken from the trust.
An irrevocable trust can’t be altered or amended once it is created and signed. The beneficiaries can’t be changed and no one else can be added later. This kind of trust is useful for those who wish to leave a set amount to a charitable organization. One benefit of creating an irrevocable trust is the tax savings. By transferring assets through an irrevocable trust, estate taxes on the funds are avoided. The inability to add to or revise the stipulations of an irrevocable can be seen as a downside.
LEGAL TRUST DRAFTING SERVICES
Deciding between the drafting of a revocable or irrevocable trust can be a complicated and personal choice. It is essential to have a skilled and knowledgeable estate planning attorney in your corner who will explain the differences. At Shapiro Law Group, PC, our estate planning attorneys will take the time to get to know your situation and personally help you decide between the best options. We will review the details and choices you have based on what you want for the future of your estate and your beneficiaries. We will draft and maintain a trust based on your needs and with your legacy in mind. Shapiro Law Group, PC, can handle every aspect of your estate planning process including the creation of a revocable or irrevocable trust. The trust attorneys at Shapiro Law Group, PC, are ready to help you. Contact us today to set up your free initial consultation. (339) 298-2300.