A trust is a written document which sets a legal relationship between you, the grantor, and your designated trustee(s) and beneficiaries. A trust is part of an overall estate plan you may create to express your personal goals for the next generation.
You may set up a revocable living trust during your lifetime, which may be updated or canceled at any time. You may also set up an irrevocable living trust that is not subject to revisions.
Why Do I Need To Set Up A Trust?
Creating a trust will allow your loved ones to avoid the probate when you pass away or going to court for a conservatorship if you have a stroke or develop Alzheimer’s disease.
Probate can be an expensive and time-consuming process. Your privacy is protected with a trust. Additionally, if you become incapacitated and do not have a trust, your family may have to go to court for a conservatorship over your property and assets.
Additionally, if you own property in multiple states, you will be subject to probate in each of these states where the property is located. By placing these properties in a trust, you can avoid this timely and costly procedure.
People with significant holdings or heirs can find the advantages from our firm’s meticulous analysis of what legal tools are best suited to their circumstances. We provide a thorough financial analysis and consideration of the optimal type of revocable or irrevocable living trust for you.
Another issue our clients run into is when they have had a trust created for them but have failed to place their assets into the trust. It is essential to retitle your assets in the name of the trust in order to reap the full benefits that a trust has to offer.
We primarily assist clients with assets in the $200,000 to $5 million range, managing concerns ranging from preserving assets and avoiding excessive taxation to business succession planning.
What If My Family Or Financial Situation Changes?
At Demetrius J. Karos, Ltd., we provide ongoing availability and responsiveness to all questions when your financial or family circumstances are altered after developing your estate plan. We emphasize personal attention upfront and efficient communication by telephone or email thereafter to minimize travel and time demands on our clients.
Our attorneys provide decades of wide-ranging experience and offer comprehensive estate planning, administration and probate services. Whether you need a basic will and other key documents or a specialized trust, you can turn to our firm with confidence.