Who Needs a Trust? Do I Need a Trust? What IS a Trust?
Do you have any children or grandchildren under age 18 who you want to give something to in your Will?
If so, you need to select someone to handle the gift before the child reaches majority. Please have an idea of someone you would like to be responsible for the child’s finances. If the child is your biological child, you may also want to prepare an idea of who you would like to be a guardian of your child in the event that you and the child’s other parent are unable to care for the child. You can also elect to set up a trust in your estate plan so that your final gift is only given at a certain age that you can specify.
Do you have anyone whom you wish to give part of your estate who is disabled?
In the case of a disabled beneficiary your estate may need to include a Special Needs Trust. A Special Needs Trust is a specialized testamentary trust that protects a disabled beneficiaries’ state or federal disability benefits by preventing any inheritance from disqualifying them from receiving their benefits. This is because without the trust any inheritance would be counted as income and disqualify them.
Do you have more than $2 million in assets?
A trust may also be something your attorney recommends if you have over $2 million in assets. You will need to inform your attorney about any real estate, bank accounts, stocks, bonds, investments, vehicles, business ownership, valuable collections, artwork or jewelry, and life insurance you currently own. You will also need to inform your attorney if you are a beneficiary of any trust or you anticipate any inheritances as these are possible assets your estate plan needs to address.
If you are seeking legal assistance with estate planning, adoption, prenuptial agreements, probate, real estate transactions, business law, bankruptcy or debt settlement, please don't hesitate to reach out to the experienced team at Limitless Law PLLC. We're here to help.
Call 360-685-0145 or click here to learn more.
