Burlington elder law attorneys can help you with trust creation so you can make effective use of one of the most powerful estate planning tools available to you. Trusts can help you to accomplish many goals, from making sure money you leave to an irresponsible heir is not lost to protecting the assets you are transferring to loved ones from being lost due to estate tax. While there are different kinds of trusts aimed at accomplishing different goals, the very versatility of trusts means that trusts are often a valuable part of an estate plan.
If you are considering making any type of trust, The Law Offices of James A. Miller, P.C. will assist you with selecting a trust that provides the expected advantages and legal protections. We will also help you with the formalities of creating a trust and with making the big decisions that matter during the trust creation process, such as a choice of who should be the beneficiary and the trust administrator.
Our legal team can also explain more about the trust creation process and can help you to determine if this is a process that you should involve your family in or if it is a process you should do on your own without discussing trust creation with loved ones.
Should Your Family Be Involved When You Create a Trust?
Many people create trusts specifically to provide for family members, such as to make sure that money left to irresponsible heirs or beneficiaries cannot be squandered. Your goals in creating a trust may be to ensure you can qualify for Medicaid if you need long term care, without having to spend your wealth down; may be to transfer assets outside of the probate process; or may be to protect trust assets from other sources of loss.
Your reasons for trust creation could impact whether you want to discuss the trust with your family or not. If your primary goals are to keep an inheritance safe from loss and to make sure that your heirs or beneficiaries will inherit as quickly as possible, there is generally no reason not to talk with your family and let them know what you’re doing with trusts as part of your estate plan. Your family should be happy you’re working to keep their inheritance safe and to get it to your heirs as soon as possible.
If you are creating a trust because you don’t want to give your heirs or beneficiaries access to all of the money you are leaving them immediately; because you want to make sure your children are motivated and don’t rely on inherited wealth; because you want to impose conditions on an inheritance; or for similar reasons, you may be uncomfortable discussing the trust with your loved ones. You may be afraid that your heirs or beneficiaries will be mad that you’re creating a trust and limiting access to an inheritance and you may be concerned that you’ll become involved with family fighting as a result of their anger.
While there could be legitimate reasons to worry that your loved ones will be unhappy you’re making a trust to give them less control over the inheritance you are leaving them, there are also benefits to telling your family about creating a trust. Your family can better understand your goals and motivations for trust creation if you talk with them about why you’re taking this step so they may be less likely to get mad after you pass away and so they may be less likely to try to contest the trust if they are unhappy about it.
Your family will also be better prepared for what will happen after your death or when the trust goes into effect if you talk with them, explain what kind of trust you have created and let them know what assets the trust will own. You don’t want your loved ones to be struggling to discover what assets you own or how they will be distributed after you pass away, so discussing your entire estate plan with your loved ones could be beneficial.
Getting Help from Burlington Elder Law Attorneys
Burlington elder law attorneys at The Law Offices of James A. Miller, P.C. can assist you in understanding the trust creation process so you can weigh the pros and cons of talking with your family about the trust creation process. With help from our experienced attorney you can also decide if your family should play an active role in helping you to do things like decide what assets to put into the trust or decide who the trustee should be.
To find out more about all aspects of the trust creation process, join us for a free seminar. You can also give us a call at 866-370-3888 or contact us online to get personalized help from Burlington elder law attorneys who will work with you on creating a trust. Call today to begin the trust creation process and protect your wealth and family.
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