Why Every Family Needs a Family Trust (And How an Estate Planning Attorney Can Help)

A family trust is one of the most powerful estate planning tools available. Whether you’re preparing for the future of your assets, planning for your children’s inheritance, or ensuring that your estate is handled according to your wishes, a family trust offers clear advantages. But setting it up can be complex, which is why consulting with an estate planning attorney is crucial.

What is a Family Trust?
A family trust, also known as a revocable trust, is a legal arrangement where assets are transferred to a trustee to be managed on behalf of beneficiaries. Unlike a will, a family trust allows for the private distribution of assets, bypassing the lengthy probate process.

Why Choose a Family Trust?

1. Avoid Probate: A family trust helps your loved ones avoid probate, saving them time and money after you pass away. Probate can drag on for months or even years, resulting in high costs and delays. By using a family trust, your beneficiaries can receive their inheritance more quickly.
2. Asset Protection: It ensures that your assets are protected, ensuring a smooth transition for your heirs. In the event that a beneficiary needs to manage your estate after your death, having a family trust makes this transition easier and more structured.
3. Flexibility: As a revocable trust, you can make changes while you’re alive and well, offering great flexibility over time. If you acquire more assets or your beneficiaries’ needs change, updating a family trust is simple and straightforward.
4. Control: You can set specific instructions on how your assets are to be distributed and when, giving you control beyond the grave. For instance, you can delay the inheritance of assets until your beneficiaries reach a certain age or complete a specific goal.

How an Estate Planning Attorney Can Help
An estate planning attorney will ensure your family trust meets all legal requirements and that the terms reflect your intentions. They will also ensure that the trust operates smoothly, serving its purpose without complications. Besides drafting the trust, your estate planning attorney can help integrate other essential estate planning documents like a living will, healthcare power of attorney, and a power of attorney for financial matters.