Krause Estate Planning is a reliable partner in establishing trusts. With extensive estate planning experience, we can guide you through the complex process and make sure your trust meets your needs and goals.
Our team offers personalized service, helping you make informed decisions and avoid legal complications.
Trusts are powerful tools for protecting your assets and ensuring that they're distributed according to your wishes. With us by your side, you can rest assured that your property is in good hands.
To schedule a free consultation with our Brookfield trust lawyers, call our office at (608) 344-5491.
What Is a Trust?
A trust is a legal arrangement that you use to manage and protect your assets. Essentially, a trust is a living financial entity. You put property or money into the trust, and the trust becomes the legal owner of those assets.
Trusts involve three parties:
- The beneficiaries who receive the assets from the trust
- The person who creates the trust, known as the grantor or settlor
- The person or organization responsible for managing the assets in the trust, known as the trustee (or board of trustees)
Why Choose a Trust for Your Estate Plan?
You can use a trust for a variety of purposes, such as providing for your family members, protecting assets from creditors or lawsuits, or minimizing estate taxes.
Trusts also allow you to avoid probate, which is a time-consuming and costly process.
What's more, trusts give you greater control over your assets even after you've passed. You can specify exactly how and when your wealth is distributed.
Choosing the Right Type of Trust
Revocable living trusts allow the grantor to maintain control and make changes to the trust while they are still alive.
Irrevocable trusts cannot be changed once established. These trusts are good for estate planning and tax benefits.
Special needs trusts provide for individuals with disabilities while allowing them to continue receiving government assistance.
When choosing a trust that is right for you, consider your goals and circumstances. For example, a revocable living trust is a good option if you want flexibility and control over your assets. An irrevocable trust, however, may work better if you prioritize tax benefits.
Consult with our team, and we can assist in making these important decisions.
Common Mistakes to Avoid When Establishing a Trust
When establishing a trust, stay aware of these common mistakes that can undermine your plans.
Failing to Carefully Consider Your Beneficiaries
Your trust should be specific about who benefits from it and how they do so. For instance, your trust can provide for your children only. It could be used among all your closest friends and family, or it could benefit a charity.
Selecting the Wrong Trustee
Be diligent when choosing your trustee. You must make sure this person can manage your assets in accordance with your wishes.
Your trust can specifically outline your trustee’s powers. For instance, they can have a rigid set of rules to follow, or they can make broad decisions, running your trust like a business. You can even give them the power to cut off beneficiaries who squander their benefits.
Depending on the size of your estate, your trustee could manage the trust full-time, paying themselves from the trust. You can also elect a board of trustees who make decisions together, keeping their powers in check.
Our team can help you vet and select potential trustees to manage your wealth.
Neglecting to Update the Trust
As time marches on, you may encounter life events such as births, deaths, and divorces. These are massive changes, and they require adjustments to the trust's provisions.
Our Brookfield lawyers are here to help you create a sound trust that accurately reflects your desires. Contact us online today.
Excellent professional service for estate planning.Paul
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