Trusts

A Valuable Estate Planning Tool

Trusts are a flexible estate planning tool able to replace or supplement wills and to help manage property during one’s lifetime. A common part of many estate plans, trusts come in many varieties, each designed for a specific purpose. Considering the assortment of trust functions, Worth Law Group attorneys often utilize trusts to:

• Minimize estate taxes
• Shield assets from potential creditors
• Avoid the expense and delay of probating your will
• Preserve assets for children until they are grown
• Set up a fund for your own support in the event of incapacity
• Provide benefits for charity

Common Trusts

Revocable Trusts: A revocable trust allows you to maintain ownership and control over your property. You may change the terms of the trust at any time while you are still mentally competent.

Irrevocable Trusts: With an irrevocable trust, you relinquish ownership and control of the property placed in the trust. Once the terms of the trust are in place, you may not change them.

Testamentary Trusts: A testamentary trust is established after your death, through a will.