A trust is a versatile and powerful legal tool for individuals who are confronting important issues regarding their estate. Of course, a trust can help ensure that your assets reach intended beneficiaries after your death without the time and expense associated with probate court, but there are many other benefits to creating a trust as well. A trust can allow you to manage your property effectively during your lifetime, allowing you to address the possibility of undesirable contingencies, such as incapacitation, that may prevent you from personally making medical or financial decisions.
Although initially more expensive and time-consuming to establish than a will, a trust provides you and your family with significantly more options when it comes to managing your wealth and preparing for the unexpected. If you believe that you and your family would benefit from having a comprehensive trust in place, we recommend that you make an appointment with our experienced Alabama trusts attorney today.
Making the Right Decision.
For someone who is unfamiliar with estate matters, the sheer variety of options related to establishing a trust can be overwhelming. The skilled team at Watson & Neeley, LLC can help you determine which type of trust will best meet the needs of you and your family.
Inter vivos trusts, or “living” trusts, take effect while the grantor — i.e. the person creating the trust — is still alive. By contrast, a testamentary trust, or “after-death” trust, only becomes legal after the grantor’s passing. Furthermore, a revocable trust can be amended whereas an irrevocable trust cannot. Irrevocable trusts can, however, provide important tax benefits that revocable trusts lack.
It’s imperative that you speak to us before committing to a particular type of trust. We can assist you in determining which kind of trust is best for you and those you love most depending on your goals. We’re eager to help you get started on tackling your estate matters today.