Trusts are part of estate planning. You need a trust when you have property or assets that you want to pass on to someone else. Trusts can help you control how your property is distributed after you die, and can also help reduce estate taxes. Trusts are not just for the wealthy – anyone with property or assets should consider setting up a trust.
There are many different types of trusts, but some of the most common are living trusts, testamentary trusts, and irrevocable trusts. Living trusts are created during your lifetime, and can be revoked or changed at any time. Testamentary trusts are created after your death, according to the instructions in your will. Irrevocable trusts cannot be changed once they are created.
If you’re thinking about setting up a trust, Pfieffer Law provides Northeast Ohioans with estate planning documents. Any time you have a complex asset or beneficiaries, trusts are important. These are non-probate items.
Trusts help you avoid probate. Probate is the legal process of distributing your property after you die. If you die without a will or trust, your property will go through probate. Probate can be a long and expensive process, so trusts can help save your family time and money.
Trusts are an important part of estate planning, and can help you control how your property is distributed after you die. If you have any questions about trusts, contact Pfieffer Law today. We can help you create a trust that meets your unique needs.
Andrew specializes in estate planning and wills. He can advise you and your family on how to best protect your assets and secure your wishes. Learn more about estate planning with Pfieffer Law: https://aolaw.biz/estate-planning/