Estate planning is crucial for every adult to consider. Having these documents in place help Arkansas residents to ensure their loved ones will be taken care of when they’re no longer here. Part of a complete estate plan may mean the inclusions of different trusts that could serve specific purposes.
If a couple is married, having a trust will reduce estate taxes. It can also serve to help children financially by controlling the distribution of assets and provide for minor children in the event of a parent’s or both parents’ deaths. If the assets are sizable, having a trust in place could protect wealth for generations to come. Failing to consider how a trust could be helpful in the future may be an estate planning faux pas.
Trusts can prevent delays in getting assets to beneficiaries in the way a grantor sees fit since they bypass the probate process. They’re also held in the strictest of confidence since they do not become public record after the grantor’s death, as wills do since a will must pass through probate. However, funding a trust is crucial and is something about which a lawyer may be able to offer invaluable advice.
An Arkansas lawyer would be able to explain various types of trusts and how they might benefit a client’s individual circumstances. Having a trust may not be advantageous to all individuals, but can be the right decision for others. An attorney may be able to assist a client in making that important decision.