Using Trusts To Protect Your Assets
Contrary to popular belief, trusts are not only for the wealthy. A trust can be an integral part of an estate plan and works with a will in order to protect your assets and property. If you are considering establishing a trust as part of the estate planning process, or are simply wondering if a trust can be beneficial in your specific situation, turn to our legal team at the KMA Law Office.
Located in Severna Park, our firm is led by lawyer Karen M. Authement. An experienced estate planning and trusts attorney, Ms. Authement sits down with each and every client to design an estate plan that suits his or her individual needs and goals.
What Is A Trust?
A trust is a legal avenue through which property and assets can be managed by a trustee for the benefit of a third-party beneficiary. Creating comprehensive and detailed trust documents ensure that the trust can be administered according to the guidelines established by the creator of the trust. Money, property and other assets can be held by a trust for future distribution, protection from taxes or creditors, and a number of other beneficial reasons.
Types Of Trusts
There are many different types of trusts that can be established in order to accomplish your specific goals. We provide clients with information, guidance and assistance in creating:
- Irrevocable trusts
- Revocable trusts
- Living trusts
- Charitable trusts
- Special needs trusts
- Life insurance trusts
Why You Might Consider A Living Trust
The creation of a living trust can be one step in avoiding probate later on. It is possible to put nearly any type of asset into a living trust. By the assets being held in trust, and naming yourself as trustee first, you can protect yourself. Your trust documents will name a trustee (called a “successor trustee”) to take over after your death, and be transferred to your named beneficiaries without the hassle of probate court.