Each day, people throughout the United States make smart decisions which help ensure smooth, successful estate transfers. In Hennepin, Minnesota, those who are preparing to pass down their assets to loved ones after their death have a number of options. For example, there are many types of trusts, such as a living trust (inter vivos trust), after-death trust, charitable trust, spendthrift trust and constructive trust. If you are in this position, it is essential to ensure asset protection by identifying the smartest path forward.
If you are considering moving forward with a trust, it may be helpful to review some of the benefits trusts offer. On USA.gov, you can review valuable information which covers the ins and outs of trusts, their benefits and an overview of how to set them up. When it comes to estate planning, there are a variety of perks associated with creating a trust that people should keep in mind. For example, trusts can help provide for minors and family members who cannot take care of certain financial issues. Furthermore, trusts can help ensure that assets are taken care of properly if the grantor loses the ability to manage their affairs. Other benefits include the immediate transferral of assets after the grantor passes away, staying out of probate and lowering estate taxes while supplying liquid assets to help cover them. Furthermore, because the terms of trusts are not public, trusts are great for those concerned about protecting privacy.
Please remember that the material presented in this piece was only put together for informational purposes and does not constitute legal advice.