If you are wondering, “how do I know I have the right stuff in my trust,” you have come to the right place. This video does not constitute legal advice but aims to provide general information about what information should be included in your trust and how an attorney can help.
The correct legal terminology is: “are the right assets held inside of your trust? And are assets that should not be in trust, not in your trust and maybe set up to go in later if that is appropriate or go to another beneficiary. ”
There are certain types of assets that cannot be put in trust, such as life insurance. Your life insurance policy often has a beneficiary listed. But most everything else can be included in your trust. Your house, bank account, investments, etc. are all capable of being included.
The two main types of trusts are:
1) Living Trusts or
2) Testamentary Trusts.
A living trust is one that you set up now and it becomes irrevocable upon your death. This means that you cannot change it after you die without the permission of the court. A testamentary trust is one that is set up through your will and only becomes effective after your death.
The main difference between the two types of trust is that with a living trust, you can put conditions on how and when assets are distributed to your beneficiaries. You can also change the trust agreement at any time as long as you are alive and competent to do so.
If you have questions about what type of trust is right for you or how to set one up, contact an experienced estate attorney in your area. Andrew Pfieffer is an estate attorney practicing in Akron, Ohio and serving Northeast Ohio. His other areas of expertise include business and real estate law. For more information visit https://aolaw.biz/estate-planning.
Trusts can be simple or complex depending on your needs and wishes. An attorney can help ensure that your trust is set up correctly and according to your wishes.
Estate planning is a complex process and you want to make sure that you have everything in order before something happens to you. Contacting an estate attorney like Andrew takes minutes and provides peace of mind. Unsure if Andrew is the right attorney for you? Schedule a complimentary 15-minute consultation on his website: https://aolawbiz.com, to see if you are good fit.
When estate planning you want a diligent attorney you can trust to manage your asset portfolio. Contact Andrew today.
No one likes to think about their own death, but estate planning is important to ensure that your wishes are carried out and your loved ones are taken care of. If you have questions about trust funds or any other aspect of estate planning, contact Andrew Pfeiffer, an experienced estate attorney in Akron, Ohio. He can help you understand your options and create a plan that meets your specific needs and goals. Schedule a complimentary consultation today to get started.