For many, estate planning can be overwhelming. There are many considerations you must make during this process that can leave you feeling unsure or overwhelmed. From creating a Will and appointing an Executor to writing an Advance Health Care Directive and navigating Probate, many feel unsure of the right move. However, one thing you should consider is the benefits of Irrevocable Trusts. As such, it’s imperative to connect with a Medina County, Ohio Trust preparation lawyer to explore your legal options. Keep reading to learn more about this option and why it may be right for you.
What Are Irrevocable Trusts?
Irrevocable Trusts are a form of Trust Fund that cannot be altered, terminated, or modified in any way once it has been created. This is because it requires the Trustor, or individual responsible for creating the Trust, to relinquish legal ownership of the assets held in the Trust. Instead, they grant ownership of the assets to the Trustee who is responsible for maintaining, distributing, and managing the assets in the Trust according to the terms and conditions created by the Trustor.
What Are the Benefits of This Option?
One of the most important benefits that creating an Irrevocable Trust offers is asset protection. Because you no longer legally own the assets held in the Trust, they cannot be seized in the event you are sued or if you are pursued by creditors. As such, this grants additional protection for the Beneficiaries who will receive the assets held in the Fund.
Another common benefit to creating an Irrevocable Trust is that it allows you to qualify for certain government benefits. For example, if you have assets that put you over the threshold for qualifying for Social Security, placing these assets in an Irrevocable Trust can help decrease the value of your estate so you can reap the benefits. This is especially important for those with special needs family members they would like to care for, as placing assets in an Irrevocable Trust ensures they have funds at their disposal without disqualifying them from government assistance programs.
Do I Need an Attorney to Create One?
If you are interested in creating an Irrevocable Trust, it is imperative to connect with an experienced attorney. Because this is a permanent decision, ensuring you have legal guidance to understand the impact of this process and make the most informed decisions regarding your assets is critical. Additionally, they can help provide advice regarding these matters and ensure the legality of the documents you create.
When you are ready to reap the benefits of an Irrevocable Trust, the team at Krause Law is ready to help. Our firm understands the complexities of this matter, so we will do everything in our power to help you make the best choices possible to protect your assets and loved ones. Connect with our team today to discuss your desires and learn how we can guide you.