You have probably heard about trusts. Trusts help you avoid probate, save estate taxes, and get your property to the right people. There are a variety of types of trusts to accomplish your goals, and we have featured a few of them here on our website.
If I have a trust, will I avoid probate?
Generally, yes! Trusts help you avoid probate when they own your assets. For example, if you will your house to your niece, it would have to go through probate. But if you put your house in a trust and direct your trustee to give your house to your niece, no probate is required.
If my estate is small, do I really need a trust?
Possibly. It’s not so much the size of your assets as what type they are and what people you’re trying to protect. In our consultation meeting we will talk about whether you own your home, whether your children have special needs, or whether you want to protect your assets from future creditors or children’s ex-spouses. There are a variety of situations that could warrant a trust, and we’re here to help you decide what you need.
Are trusts private?
Generally, yes! Unlike a will that is subject to probate proceedings, trusts are typically private and only you and your trustee.
Are trusts expensive?
Trusts at Thatcher Smith Law are always cost effective. We will not recommend a trust to you unless we believe it can save you or your estate money on probate, taxes, legal fees, or help you preserve your property and government benefits.