• Law

    Best thing about setting up a Trust Fund

    Everybody needs a lawyer for so many reasons. You might need one to guide you in a lawsuit and so much more. But one thing a lawyer is also needed is when a person needs there will be taken care of and presented to the court. This is known as a probate. The court decides if a will is genuine and if it is allowed to be presented to the heir of that person.

    If you are in California, specifically in Danville, then maybe you would need a trust attorney Danville that can help you take care of all the process of your will and want to avoid probate. Trust is a lot better to choose especially if you want to give a minor a part of your assets without giving the name of his or her guardian. It has a lot of advantages that you might want to consider.

    trust attorney Danville

    Wanting to dictate when the heirs receive the inheritance

    This is one of the edges as to why you would want to choose set up a trust than a will. A will takes effect as soon as you die, while with trust it takes effect immediately. Which means whatever you have written as rules, will also take effect. If you want to give them your inheritance right away, go figure! But you could also make them wait for years before they could get the inheritance. Depending on the reason that you have, dictating the time is better especially if the heirs are minors and you want them to have it once they are adults.

    Lower Estate Taxes

    There are many types of trusts that you can choose in order to lower the cost of your estate taxes when you die. This means that you are saving a lot of money for your beneficiaries and the generations after them. This is a smart move if you are afraid that they might be left in debt. Though, if you want to name those beneficiaries that will receive your assets, you will need a will for that.

    You want to continue your family business

    Your trustee will make sure that this will be followed through. For example, you want your loyal employees to continue working on your business but want the profit to be transferred to your children. They would not be the ones to run it, but it is assured that they will get the profit from the business.

    Setting up a trust fund is better if you want to make sure that your assets are in good hands. Your trustee will see to it that your instructions are followed and your beneficiaries will get their shares.