Trust Attorney in Daphne, AL
A trust can be an essential part of one’s estate plan. In simple terms, a trust allows beneficiaries to receive the maximum benefit of an inheritance. A trust is a tax-efficient way to pass assets to beneficiaries. Like a will, a trust helps you retain control over the future of your estate, detail your wishes, and leave loved ones and other beneficiaries articles of the estate that they deserve. Stone Crosby, P.C. is an experienced estate planning and asset protection law firm. Working closely with clients, our attorneys develop a comprehensive estate plan tailored to their specific situation. When a trust can benefit your inheritors, our firm can help you make informed decisions on which trust is best for your situation and how to implement one to maximize the benefit to those who will receive. Contact Stone Crosby, P.C. for a consultation to discuss your situation with an estate planning attorney.
What is a trust?
A trust is a contract between a trustee and an estate. In this fiduciary contract, a trustee is authorized to hold assets on behalf of a beneficiary. Trusts are normally either revocable or irrevocable. A revocable trust is controlled by the creator, allowing changes “at-will”. An irrevocable trust cannot be changed without the explicit consent of the beneficiary. It is controlled by a trustee.
The benefits of a trust
A trust comes with various benefits. For one, a trust is a tax-friendly alternative to passing assets through a will. Especially with an irrevocable trust (one that cannot be changed without permission), the tax implications can greatly benefit the inheritor(s). Another significant benefit of creating a trust is the passing of assets or inheritance in a quicker manner. Without the need to probate an asset, it can get into the right hands faster. Lastly, a trust helps an estate save on legal costs.
Trusts come in a wide variety, allowing a creator plenty of options to tailor a trust to their specific situation. It is important to discuss your wishes with an attorney that can guide you through the multitude of choices available. Below is a small sample of the many types of trusts.
- Supplemental needs trusts
- Charitable remainder trusts
- Special needs trusts
- Charitable leads trusts
- Inter vivos trusts
- Asset protection trusts
- Generation-skipping trusts
- Life insurance trusts
- Testamentary trusts
- Qualified personal residence trusts
Each trust is a different mechanism. Understandably, it can seem confusing, but our firm is ready to guide you. Contact Stone Crosby, P.C. to discuss your estate plan.
Contact an experienced estate planning attorney
Creating a trust can be quite beneficial to those who will receive assets or an inheritance. It is important to consider every option with planning for one’s estate. A will, trusts, and other testamentary documents can work to mold an estate’s future and leave assets to those who deserve them. If you are interested in the estate planning process or need to draft a will, contact Stone Crosby, P.C.