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.
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.
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.
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.
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.
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 270-569-0006 to schedule a free initial consultation.
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Mr Crow and his staff are amazing! Especially the person assigned to my account, so a special thank you to Callie! Callie answered all of my questions and set expectations during a very confusing time in my life. Mr Crow and his team worked diligently with my specific situation and were very results driven. I would recommend Crow Estate Planning and Probate to anyone looking for an estate or probate attorney.
Today my wife and I completed (at Crow Estate Planning and Probate) our Will, Living Will, Power of Attorney for Finance and Medical. As a Tennessee CPA for over 20 years (now retired), I’d like to leave this review so that others may benefit. Our experience rating with with Crow Estate Planning and Probate is EXCELLENT. Our legal team was Kyle Shannon, Callie and Julia. This team was competent, courteous, and professional. They made a potentially complex experience “easy” despite multiple minor trusts involved. The charge for professional services rendered was very reasonable. My wife (Denise) and I would like to thank Kyle and his team (Callie and Julia) for a great experience that exceeded our expectations. I will return for legal needs and I will refer family and others to Kyle, Callie and Julia.
I’m very grateful to Mr. Shannon and Callie for the great job they did taking care of my muniment of title. Everyone in Mr. Shannon’s office was exceedingly kind and helpful.
They are caring, very helpful and not too expensive. I would recommend them to anyone that wants to plan for their future death and their children.
Crow Estate Planning was caring, professional and took great care of our family. John personally prepared my mother’s estate and completed her final wishes. Their staff was always friendly and eager to assist. Our family strongly recommends John and Crow Estate Planning
Mr. Crow and his staff were very knowledgeable, prompt and pleasant to work with in the estate planning process. Very satisfied clients and highly recommend!
Working with Kyle Shannon and Brittney Stewart to setup our Living Trust was nothing short than amazing! Very informative, very responsive, and made the whole process easy to complete.
It was an absolute pleasure to work with Kyle establishing my Estate planning needs. Kyle was very thorough and knowledgeable. Kyle’s understanding and professionalism made for a simple and smooth process. Highly recommended!
Be far the best estate planning firm in Clarksville.
Warmly greeted. Attorney was very attentive to our needs. Reasonable fees.
Julia Mynhier 
Crow Estate Planning 
Kyle Shannon 
John Crow 
