Trusts Lawyers in Hopkinsville, KY, Helping Families Avoid Protect Their Assets and Avoid Probate

Most individuals are unaware of the benefits of establishing a living trust for their families after they pass away. Instead, most of the public mistakenly believes that only the very wealthy create trusts for their heirs and other beneficiaries.

Nevertheless, a living trust can provide a wide range of financial benefits that can serve to protect your assets and allow them to pass on quickly to your beneficiaries after your death.
A grantor who establishes the trust can set forth guidelines detailing how and when assets and other property can be distributed. Furthermore, assets placed in specific types of trusts can also be safe from creditors but can still be passed on to your designated beneficiaries. Many individuals utilize a trust to protect their assets should they need to enter a nursing home as they grow older.

If you are still trying to determine the advantages of establishing a trust, you must speak with a qualified attorney who can answer your legal questions.
Contact Crow Estate Planning and Probate, PLC of Hopkinsville, KY, and ask to schedule a free initial consultation with a qualified legal team member who will gladly sit down with you and determine what trust options may work best for you.

Why Should I Consider Creating a Trust?

One of the great advantages of creating a trust is to help heirs avoid probate after the decedent passes away. Unlike a will that must go through the legal process of probate, all assets in a trust can go to the designated beneficiaries.

Probate is the process of authenticating a will, paying all outstanding debts, and finally distributing assets. Depending on the size and other circumstances of the estate, probate can take anywhere from a few months or even longer should legal complications arise.

However, the probate process could cause beneficiaries to have to wait on financial resources they may desperately need because their loved one has passed away.
Once a will has been probated, it becomes a matter of public record. All assets and other property that beneficiaries inherit are now public knowledge. With this information, creditors could then come after heirs for any outstanding debts they may owe.

However, the same cannot be said about a trust. All of the assets individuals receive remain private, and creditors are not privy to what property or other financial resources beneficiaries inherit. Placing assets in a trust can help families keep control of their assets for future generations and ensure that creditors or former spouses cannot access them.
If you are still weighing the benefits of creating a trust versus writing a will, allow a qualified member of our legal team to provide you with a free case review.

What is the Difference Between a Revocable and Irrevocable Trust?

One of our client’s most common questions concerns the difference between a revocable and irrevocable trust. Both trust options have a number of benefits, which one an individual chooses will be based on their unique circumstances.

• Revocable trust: A revocable trust can be changed or amended at any time. When individuals establish a revocable trust, they maintain control over their assets and have access to them. However, because the assets are still considered the grantor’s property, the owner must pay taxes on them, and they can still be seized as the result of a lawsuit. However, one of the most considerable benefits is the probate process can be avoided.
• Irrevocable trust: An irrevocable trust cannot be changed or amended once established. Unlike a revocable trust, where the grantor has access to any property or assets placed in the trust, assets in an irrevocable trust are no longer their property. This type of trust also helps avoid probate but is ideal for individuals who wish to protect their assets from being seized by nursing homes should they require long-term care.

It should be noted that revocable trusts should only be used by individuals who are not at risk of experiencing tax issues. Additionally, a revocable trust does allow for the grantor to change or omit beneficiaries, whereas an irrevocable trust does not.

If you are still determining which type of trust is best for your situation, you must consult a knowledgeable attorney who can thoroughly evaluate your needs. The attorneys of Crow Estate Planning and Probate, PLC have extensive experience in creating trusts and can provide sound legal advice on which trust works best for your needs.

What Type of Trust is Best?

Although both revocable and irrevocable trusts are beneficial in many ways, an irrevocable trust offers the most protection from lawsuits and creditors. Once assets are placed in an irrevocable trust, they are no longer considered the personal property of the grantor.

Because the assets now belong to the trust and not the individual, they are omitted when the IRS estimates the value of your estate to determine if taxes are owed. Additionally, if the grantor defaults on a loan or needs to file bankruptcy, the assets in an irrevocable trust are protected.

Finally, an irrevocable trust is a viable option for parents who wish to leave assets to their children or other beneficiaries over time to help them learn how to manage their money. An irrevocable trust is extremely helpful for individuals who may have a family member who has not always spent money wisely.

If you would like to establish an irrevocable trust to ensure that your assets are protected for your family members, contact Crow Estate Planning and Probate, PLC of Hopkinsville. Our well-trained attorneys can explain more about the benefits of an irrevocable trust and how they can help you have peace of mind about the future.

Does Your Law Firm Have the Experience to Help Me With My Estate Planning Needs?

Crow Estate Planning and Probate, PLC is a law firm dedicated to helping individuals and families plan for the future. We understand that making decisions about your own death can be emotionally challenging. However, planning today can provide your beneficiaries with the protection they need to feel secure about the future.

When you choose our law firm for your estate planning needs, you will never be made to feel like a number. Our legal team strives to constantly build and strengthen each attorney-client relationship with courtesy and personalized service. We pride ourselves on using effective communication to truly understand our client’s financial goals for their beneficiaries.

As a result, our attorneys have extensive experience creating trusts in accordance with our clients objectives. We take the time to sit down and explain the available trusts and what will work best for your personal situation. We will also advise you as to what assets should and should not be placed in a trust, how to go about choosing a trustee, and how the assets can be distributed upon your death.

Contact Crow Estate Planning and Probate, PLC of Hopkinsville, at 270-479-7636 to schedule a free initial consultation.