Benefits of Trusts
A trust has many benefits. For a single person, a trust avoids probate and avoids the need for a conservatorship if the person is or becomes incapacitated. For married people, a trust can have the above benefits, plus it can reduce estate taxes at death. Further, a trust can generally be administered more quickly than a will and probate proceeding--reducing unncessary cost and delay.
We can accomplish the following variety of duties without unnecessary delay and with utmost respect for your personal privacy and your family relationships.
- Identification, collection, and determination of values of assets
- Payment of all debts, expenses, and taxes from estate and trust assets; and submission of regular accountings
- Advice as to disposition of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust
- Preparation of state and federal, gift, generation-skipping transfer, and gift tax returns
- Notifying all heirs and beneficiaries of the trust
- Communicating with beneficiaries
To learn more about common estate planning issues, check out our free guide, Estate Planning Pitfalls: The 12 Most Common Threats to Your Estate & Your Family's Future, or to discuss your estate planning concerns, please call our office at 919-443-3035 or use our contact form.