“I am not rich – why would I need a Trust?”
A common misconception we often hear regarding Trusts is that Trusts are only needed by people who have substantial wealth. This could not be further from the truth. If you own a home, when you are gone, your home will have to go through Probate, even if you don’t own anything else, before your home can be passed to your loved ones. Not only is Probate very expensive, it will also cause significant delays in the distribution of your assets to your loved ones and can cause them substantial financial uncertainty.
Probate will require your Executor to go through a lot of red tape and gather a considerable amount of documentation that must be filed with the court. From getting the Personal Representative approved and appointed, tracking down all the assets that were owned by the loved one who just passed away, and providing a detailed accounting to the court, Probate cases can last up to a year or longer and require considerable billable time to administer the Estate. We love probate matters. However, we feel it is our responsibility to alert and inform our clients that Probate is completely avoidable if you plan ahead and take essential, proactive steps.
One purpose of Revocable Trusts is to help your family avoid Probate. By retitling your home and assets into your Trust, when you are gone, your loved ones will not have to endure the lengthy legal process while they are still grieving, saving your family significant money and stress, and ensuring that your assets and belongings are distributed as you wish, in a timely manner. A Trust will also provide you additional control over your assets. You can specify detailed instructions and customize distributions to meet your individual needs which is especially useful if you have any minor beneficiaries or beneficiaries who have special needs.
Our firm will create and specifically tailor a Trust for you and your needs and provide additional instructions to ensure that your loved ones are not burdened by having to go through Probate. No matter the size of your Estate, by creating a Trust, you are protecting your loved ones from having to expend a considerable amount of time and money navigating through the Probate process.
Please call us if you would like help protecting your assets and loved ones in the event of death and disability. You can call our Client Relations Specialist at 301-696-0567 during regular business hours, schedule online at lenaclarklegal.com, or speak to one of our 24-hour representatives after hours. Sign up for our monthly newsletter: https://join.industrynewsletters.com/signup/LawOfficeofLenaClarkLLC