Estate planning is a difficult task for anyone. As you age, you probably start to think, “what will happen to my assets when I die?”. It is a good idea to look into trusts. Providence trust attorneys can help you learn if a trust is right for your loved ones.
What is a Trust?
A trust is a type of document. It names a third party called the trustee. The trustee will hold documented assets until they are passed on to beneficiaries. Beneficiaries are the people who receive your assets. If you set up a trust you are called a trustor.
When a trustor sets up their trust it is important to have clear goals. The experienced Providence trust attorneys at Howe & Garside can help you translate your wishes into legal terms.
Is a trust right for me?
There are advantages and disadvantages to setting up a trust. This is why it is so important to search out Providence trust attorneys. Your personal situation must be carefully investigated. Legal knowledge is then used to determine if a trust is right for you. Some of the advantages of trusts include less taxes, greater flexibility, and faster distribution.
Many people are interested in trusts’ tax benefits. There are Income Tax and Estate Tax benefits. Assets held in a trust are not taxable. Only the income made from these assets will need to be filed. Estates are only allowed to be taxed after a certain dollar amount. Money in some types of trusts are not counted in your estate. If you can bring your estate value below the taxable amount, your heirs will not have to pay estate taxes.
Trusts also allow you greater flexibility than a traditional will. You can spell out exactly how you want all of your assets handled. Providence trust attorneys are necessary. The legal documentation must be precise.
Another attraction to wills is the ability to avoid probate. Assets on a will have to be held in probate. Assets in a trust do not have to go through probate. This means your loved ones can receive them quicker.
Selecting Providence Trust Attorneys
There are many types of trusts and each have its own legal identity. The use of experienced Providence trust attorneys is key. Let someone who has studied trust law use their knowledge to help you. The Law Offices of Howe & Garside have helped many clients with estate planning. We even make house calls to elderly clients. Call us at 401-841-5700 to schedule your consultation. Let us use our knowledge and experience to help you plan your legacy.