Disasters happen, and being prepared for them can mean the difference between leaving family members more despondent than they would be or having them breathe a collective sigh of relief. One of the ways Arkansas residents can be prepared for unforeseen events is by setting up trusts. A trust will likely round out an all-encompassing estate plan, which could also include a will and power of attorney.
Trusts allow the grantor to leave specific instructions on how assets should be handled. They can identify who gets funds, when and how much. They’re especially prudent to set up for minors who will be getting money. Trusts can stipulate at what age a child is to receive trust funds and whether he or she will be doled out in a lump sum or over a period of time.
If a grantor owns property (real estate), he or she may wish to use a trust to sidestep the probate process since, technically, a trust can be the owner of real estate. The probate process — especially if real estate is owned in another state — can be expensive and time consuming. If property is a part of a trust, an appointed trustee can take care of particulars to avert the court getting involved.
An Arkansas lawyer can explain why trusts might be beneficial for his or her clients to include in their estate plans. Trusts are powerful tools that are accompanied by complex legal documents. An attorney would be able to tailor these documents to accomplish his or her client’s goals.