Create A Trust For Your Loved One’s Future
No one likes to think about the inevitability of death, but you may start to wonder who will be there to look out for your loved one after you are gone. Fortunately, there are estate planning tools such as trusts which can be put in place to ensure that your love one’s future will be protected. A trust is an arrangement in which you choose a reliable person, often a family member such as a grown child, to act as a trustee and take care of assets or money for the benefit of someone else, the beneficiary or beneficiaries.
Our Pittsburgh trust lawyer at Marks Elder Law can guide you through the estate planning process, beginning with selection and creation of trusts. We have more than 40 years of experience in the field of estate planning and will provide you with reliable, compassionate guidance.
Understanding The Purposes Of Trusts
There are many kinds of trusts, used for many different purposes. Setting up a trust for your loved one’s benefit can be an effective way to achieve peace of mind concerning your family and their future. After you create a trust, you can transfer ownership of assets from yourself individually at any time right away or later, during your lifetime or upon your death. A trust often acts as a form of asset protection, since the assets in the trust will no longer be owned by you individually.
There can be many advantages in creating a trust, including:
- Providing for someone in a secure way
- Specifying who will be the trustee and who will take over if necessary
- Naming a beneficiary or beneficiaries
- Reducing probate and administrative costs
- Saving on taxes
- Keeping a beneficiary eligible for benefits
- Protecting assets
- Safeguarding against foolish spending decisions by young beneficiaries
Hire A Pittsburgh Trust Attorney
A trust plan and a trustee you choose should be something and someone you believe in. The trustee will be responsible for significant duties, so having confidence in your trustee is crucial. The trust plan will be expected to accomplish important goals, appropriate for your unique situation.
Our clients can rely on us to help them choose which trust plan is best for their needs. Our Pittsburgh trust lawyer has the knowledge and insights to address your concerns and questions, helping you to make informed choices.