These are the documents that carry out the wishes of someone who desires to leave assets in their favor. However, they serve very different purposes as well- Wills allow you specify how your money or property should be distributed while Trusts provide protection against Probate limitations for those with limited financial means by distributing these funds through separate accounts outside any single person’s complete control
The most common type is called an administration account which typically comes at little cost compared even less complicated series suchas administeriedwaitlisting kit can save time probating court proceedings if there’s no surviving spouse present.
There are many benefits to having a will, and one way it can help you is by ensuring that your loved ones are taken care of if something happens. You might want someone else besides blood relatives involved in decisions like what gets donated or how much money goes into savings accounts for kids college funds – Armando E Rosal has experience drafting wills so he knows exactly which options would work well with any situation.
Some types of trusts that may be useful in estate planning and asset protection are:
In the event that you have children, it is important to plan for their future. You can do this by leaving money in a trust fund or savings account so they will be taken care of while still young – when tough decisions about education and other expenses need making Once kids reach an appropriate age (usually around 18), parent/child relationships may transform into simpler financial ones with independence coming soon after graduation; however there are many different situations where these laws vary from state-to date.
Special Needs Trusts
Special needs trusts are a legal way to protect government benefits for those with special needs. If an individual receives too much money, they will be disqualified from receiving most types of assistance until the inheritance is spent and only if it’s necessary due financial constraints or other circumstances beyond their control.
Marital trusts are a great way to make sure that property is protected from one spouse passing away. This can be especially important when there’s children involved, as they may need access in order for their family unit (i.e., household) continue living together after the other person has passed on- which could otherwise result into major issues due lack of financial stability or even total breakdown among members if not dealt properly beforehand.
Revocable Living Trusts
If a person owns real estate in multiple states, then it can be complicated to handle all of these assets during death. A revocable living trust is an excellent way for avoids this problem and makes sure that property isn’t tied up with legal proceedings while still fulfilling any wishes disposed individuals may have had about how their affairs should run – even if those plans conflict between themselves.
Irrevocable Life Insurance Trusts
You can use an irrevocable life insurance trust in order to move your loved one’s assets outside the estate for tax purposes.
Spendthrift trusts are a great way to protect your loved ones from themselves and creditors. These special types of legal agreements have an independent trustee who has complete discretion over distribution in the event that you get into any trouble with either debt or larceny.
As you can see, there are many different types of trusts, each of which can be customized to serve a valuable purpose in accomplishing the wishes of those making gifts or planning an estate. It’s important to have an experienced estate planning attorney on your team when facing the question of how best preserve wealth and legacy. Contact Armando E. Rosal at (321) 728-2300 to schedule a consultation.