An estate plan puts you in control of end-of-life decisions. It is widely thought of as being essential for adults of all ages, it provides for your loves ones and ensures that your property is distributed according to your wishes. It’s also a crucial component of your overall financial plan, and can help your heirs avoid paying substantial taxes and fees.
Utilizing a trust can help your beneficiaries avoid probate and some of the taxes they would face if those assets were placed in a simple will. For this reason, individuals with certain assets are often advised to establish a trust rather than a will. It is possible to draw up a will for certain items, and a trust for others.The Stone Canyon Law estate planning attorneys are experienced and well-versed in Arizona, Texas, and Michigan’s governing trusts and wills.
Probate estates refers to situations when a will or trust was not established prior to the passing of an individual. At that point, the court can intervene to decide which items are rightfully yours.
A trust estate refers to assets that are owned by a trust. For example, you can transfer the ownership of your home to an trust, meaning that your home is now a trust estate.
The term “estate” references anything that you own. Meaning, that you certainly do not need a large home or expensive homes to create a trust.
In most situations, a trust may allow you to avoid going to probate, as opposed to a will.
Typically, a trust may be expensive in up-front costs, though that is attributed to the detail that goes into creating them. In some situations, a trust may save you money in the long-run.
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