Your hard-earned wealth can be managed most effectively after your passing if you have prepared for it in advance. Estate planning is your opportunity to make sure your wishes are clear on all the details that must be considered. This certainly includes any wealth you choose to leave to your children. One tool that can assist with this process is a children’s trust.
If you’ve been looking for general information about trusts, then you’re at the right place. The following post is a good place to start:
Should You Create a Trust?
People often create trusts to help them manage their assets. Here’s a quickie on the basics of a trust, along with a description of common uses.
A trust is created by the grantor (that’s you). The grantor writes the rules governing how the trust is to operate, what it is to do, and how and when to do it. If the trust is revocable, you can change the rules at any time. If the trust is irrevocable, you can’t. (Each form has advantages and disadvantages, including tax implications.) Read more at Edelman Financial…
There are various options of trusts that you could go for, especially if your children have unique needs. Choose the one that will work best for them.
Another concern you may have is keeping the inheritance within the family for generations to come. This can be done by preventing its transfer in one way or another. The following post describes how you can do this:
How to Make Sure Your Grandchildren Get an Inheritance
One common question that clients ask their estate planning attorney is how to ensure that their hard-earned money stays in the family and, more particularly, out of the hands of a daughter-in-law or son-in-law. The good news is that there are different ways to structure your child’s inheritance so that it stays in the family for generations to come. Here’s how. Read more at The Balance…
Open communication with your children during your estate planning can avert many future problems. If you have responsible children, get them in the loop.
The benefits of setting up a children’s trust are more than you can imagine if you do it well. The following post describes them in detail:
Benefits of a trust
An effective trust begins with documentation carefully drafted by a qualified attorney with knowledge of your specific situation as well as current laws. Without the appropriate documentation, you and your beneficiaries may not reap the benefits of a trust, some of which are described below.
- Pass wealth efficiently and privately to your heirs
Perhaps the most powerful and straightforward way to use a trust is to ensure that your heirs have timely access to your wealth. When you transfer your assets to your beneficiaries through a will, your estate is settled through a procedure known as “probate,” which is conducted in state courts. Read more at Fidelity…
Estate planning is a process that has substancial legal consequences. As such, you will do yourself a favor by choosing to work with an attorney that is well-versed with the estate planning legal requirements.
If you are in Charlotte, NC and need the services an accomplished estate planning attorney, you’ll be glad to know that Meek Law Firm has the experience and expertise you seek.
Call Jonathan Meek today at (704) 848-6335 to schedule a consultation. Or, visit our website and complete the contact form and we’ll get in touch with you.