Not just for the rich and famous, trusts offer security and peace of mind for families hailing from a wide range of financial situations. In cases where even a properly prepared will may fail to secure a smooth transfer of assets to a spouse or child — a trust remains your best option.
Elliott Law creates trusts that streamline the sharing of assets, ensuring that your family and possessions remain in the right hands in your absence, according to your wishes.
Trusts have many advantages, including:
- Manages non-monetary assets that are difficult to divide, such as vehicles, homes or pets
- Distribute assets efficiently without the time and cost of court-supervised probate
- Protects beneficiaries from poor financial decisions
- Shields assets from any applicable estate, transfer, income taxes or creditors
A trusts’ main function serves to minimize or eliminate the need for Probate, which refers to the process of administering and determining the authenticity of a will, or handling the estate of a person who did not have an estate plan. The courts must appoint an executor to pay any liabilities, gather the assets and distribute them to beneficiaries. All must be determined by the courts and appointed executor, instead of the wishes of the person who owned the estate. Probate can take a long time to be finalized, depending on how complex the estate or family situation. Court costs can also add up, as well as all proceedings becoming public record.
Probate is laced with many legal and tax complexities. If you would like to avoid this and have matters settled privately and quickly, a trust or estate plan can be crafted with detailed instructions on how things should be divided and handled. Experienced and compassionate legal counsel ensures your loved ones are protected from navigating the messy and lengthy task of distributing assets.
For more information about Grand Rapids probate and trusts from the experienced attorneys at Elliott Law, please contact us here or call us directly at 616.840.6143.