A trust agreement is legal document established that spelled out your final requests for your property held in trust for your beneficiaries. Trusts are established to help reduce estate tax liabilities and to protect the property and keep it from landing in probate. Trusts are established to allow your beneficiaries to obtain access to assets quickly compared to assets that are transferred from a will. Irrevocable trusts are used to help beneficiaries pay fewer taxes following your death. Some of the benefits of a trust include:
- Control of your wealth. While you are alive you are capable of specifying the terms of a trust precisely to control when and to whom the distributions will be made. If you have a complex situation, such as children from a first marriage, a trust will be able to protect the children and ensure that assets are accessible to loved ones following your passing.
- Protect your legacy. Properly constructed trust will protect your estate from beneficiaries who may not manage money properly.
- Probate savings. Trusts are designed to allow your assets to pass to your heirs outside of probate. The trust will prevent court fees and taxes from becoming your loved one’s burden.
Contact LeBaron & Jensen today for more information on setting up your trust.