As you grow your family and get older, you will want to find ways to protect your family and provide for them long after your death. When working with a probate lawyer, you have many opportunities to set up wills and trusts for your family. As you seek ways to provide support for your children, you may want to consider an irrevocable trust.
An irrevocable trust comes with many benefits that will directly support your children following a death. Learn about these benefits and how you can provide for your child in the years to come.
1. Instant AccessWhen you write up a document like a will, your children will have to go through probate court to process the will and issue payment. In many cases, you will need to assign an executor and wait for specific periods until all of the funds get released. For example, credit companies and bill collectors may seek debt payments out of the probate account.
When you set up elements of your assets as an irrevocable trust, then your children will get instant access to the trust. The trust does not need to go to probate court and your children will have instant financial support. The financial support will help them cope with the loss in several ways and provide support without any delays.
For example, a child can use assets in a trust to help plan any funeral expenses. Without the financial support a child could run into issues as they plan a funeral or ceremony. The instant access to like property will also ensure a smooth transition. For example, a child may get access to a car and use the car for everyday transportation.
2. No Changes AllowedWhen you sign an irrevocable trust, you do not need to worry about any future changes impacting what your child gets. For example, if you marry late in life or go through any life changes, you cannot legally change the trust payouts. A lawyer will ensure the irrevocable trust remains in place and provides a support system for your child.
The earlier you complete this trust, the more protection you will have for your child. For example, a trust remains protected from any lawsuits against you. If you are sued in any capacity, a settlement cannot come out of the trust. The trust remains protected and a lawyer will ensure the irrevocable trust remains in-tact.
An irrevocable trust will also remain intact even if you change your mind later on. For example, you may become diagnosed with a disease that impacts your mental capacity like dementia. You do not want to make decisions based on these conditions and setting a trust up earlier will provide the protection and support for your children.
3. No Probate Court or Public FilingWhen you set up a trust for your children, a lawyer will ensure the detail of the trust remain private. While probate court filings become public information and notices get distributed to the public, a trust keeps everything in private. Your children will not need to disclose the assets they received as part of the trust.
The completely confidential process will help your child avoid any scrutiny or questions from other family members. A lawyer can handle the trust transition as soon as you pass and ensure your child has instant access to the assets. A lawyer can help deal with banks, mortgage companies, or other companies that involve the transfer of assets.
For more information on setting up an irrevocable trust, contact us at
Hoffman & Hoffman. Our professionals can offer discrete services and ensure the irrevocable trust gets set up with the exact assets that you seek.
