Is a Trust a Good Option for you
At some point, everyone needs to look at their assets and decide what they want to have happen to the assets when they pass away. Many people have the misconception that a basic will is all they need. This isn’t always the case. Most lawyers, including Mike Van Tubergen and John Hayes, believe a trust is a better option. “A trust does a much better job of protecting a person’s assets,” John Hayes said. “For starters, with a trust in place, probate court can be avoided which can be very time consuming and costly.”
Another good reason everyone should have a trust is it gives you final say over where your assets go after you die. “It provides you the flexibility and discretion you may want or need in making gifts to beneficiaries in the exact manner and amount you desire. This is why having a trust is so important. Everything is spelled out perfectly so everyone knows what you want done with your assets once you are gone. A trust takes care of you in life and protects what you have but also helps take care of the loved ones you leave behind,” Hayes explained.
According to Mike Van Tubergen, there are other valid reasons to have a trust. “A trust can be set up so you can provide for a child with special needs when you are gone,” Van Tubergen said. “Having a trust is a great option for parents with special needs children.”
Everyone hates paying taxes. We have good news for you. If a trust is in place, a person can avoid and/or delay paying estate taxes.
Do you have a trust in place to protect you and your family? If not, don’t delay. Give VTH Law a call and set up a free consultation to find out if a trust is right for you.