Valentine’s Day is all about showing your loved ones how you feel about them. But rather than buying chocolates or flowers, the best way you can let your family see how much you care is to show them that their future is secure. Setting up a trust is a great way to not only provide for your loved ones after you’re gone but to ensure that they have as easy a time as possible managing their inheritance.
How Trusts Transmit Everlasting Love
A trust is a legal arrangement which makes it easy to manage your assets and pass them on to your loved ones. Placing your assets in a trust removes them from your personal ownership and places them under the guidance of a trustee who will manage them for you and distribute them to your heirs after you’ve passed on.
Wills and trusts are the two most common ways that people provide for their loved ones. Trusts, though, have several key advantages over wills. Most notably, in a trust, your assets do not need to pass through probate which means your family need not worry about a complex (and costly) court procedure. In addition, a trust allows you to dictate the terms upon which your assets are distributed. This opens up numerous avenues for caring that go beyond what a standard will can provide.
When you establish a trust, you draft a trust agreement that includes instructions on how the trust assets should be distributed. You might dictate, for instance, that a child or grandchild only receive their inheritance after meeting a certain milestone or reaching a certain age. Parents concerned about their son or daughter’s spending habits or self-destructive behavior may likewise use a trust to provide financial support without needing to worry about propping up bad habits.
Understanding Different Types of Trusts
Generally, trusts can either be irrevocable or revocable. The main difference is that irrevocable trusts place your assets permanently beyond your reach and the arrangement cannot be modified, while revocable trusts allow you to still retain access to your assets and to make changes to the terms of the trust.
Most people looking to show their loved ones just how loved they really are will want a revocable living trust. Such trusts can be funded throughout the course of a lifetime and so you can periodically share updated information with your designated beneficiary as a gesture of continued support. Furthermore, revocable living trusts come in numerous configurations including special needs trusts, charitable trusts, asset protection trusts, and so on. This means you’ll have no trouble finding the perfect vehicle for your goals and wishes.
If you have any questions about establishing a living trust to protect your family and show them how much you care about them, the estate planning attorneys at Deliberato Law Center are here to help. Give us a call this Valentine’s Day at 216-341-3413 or fill out the form below to get started.
Contact the Estate Planning Attorneys at Deliberato Law Center