When Do You Need A Trusts Lawyer In Greenville, SC
If you would like to leave your estate to your spouse or loved ones, and you would like to help them avoid probate processes, it is advisable to hire an attorney to help you create your trust.
What Does A Trust Lawyer Do?
A Trust Lawyer in Greenville, SC is able to set your trust up for you. These are lawyers that are also able to offer the necessary legal assistance to the trustee that you have named in the trust, who will be given the responsibility of managing your trust when you die. You also have the choice to nominate your attorney as the trustee. This is usually helpful when your estate is complex and large. Nominating your attorney will ensure the trustee will be a third-party that is impartial.
Reasons To Create A Trust
There are many reasons to create a trust. Some of these include:
To protect your assets from either several tax exemptions and/or unnecessary taxation.
To control the distributions for beneficiaries that are minors, or for those who are not able to manage their finances.
To offer privacy in regards to financial, familial, or personal information.
To prevent probate.
To preserve a disability benefit for one of your beneficiaries.
To prevent compulsory succession.
In many cases, estate planning attorneys will suggest creating a few trusts on your behalf. At James Stone Craven, LLC, in South Carolina, the lawyers are experienced with every trust type and the right ways to use them. This will ensure that your assets are preserved and your family is protected.
How Will You Know When You Need A Trust Lawyer?
If you are in the process of creating one or more trusts, it is always a good idea to have it reviewed or created by an experienced trust lawyer. Here are some of the common reasons you should be considering a trust:
To prevent your loved ones from having to go through the process of probate.
When you would like to minimize your overall estate taxes.
You would like to dictate when each beneficiary will be awarded their inheritance.
The Differences Between Irrevocable And Revocable Trusts
When used by skilled and experienced trust and wills attorneys, the revocable and irrevocable trusts serve very different purposes. The irrevocable trusts cannot be changed or amended once finalized absent from a court approval, while the revocable trusts are able to undergo changes until you die.
The Benefits Of An Irrevocable Trust
Once your assets have been transferred over into the trust you created, these assets no longer “belong” to you (the trustor). This means that because the funds are now not regarded as your property, they are also protected from bankruptcy laws, lawsuits, and creditors. However, once these funds have been distributed among the designated beneficiaries, they will become taxable according to the income tax rate of the beneficiary.
The irrevocable trusts become helpful when planning your estate as the funds that are contained in them, will usually not be added to your estates’ overall value. Hiring an experienced trust lawyer can assist you with what assets to put into a trust in order to lower tax burdens for your heirs.