A trust is a legally binding arrangement that allows a third party to hold property or assets for beneficiaries until predetermined conditions are met. Having one is an excellent way to protect your property because assets left to beneficiaries in a trust do not have to go through the probate process after you pass away.

One of the greatest advantages of establishing a trust is it allows you to protect your property and ultimately control your wealth. If you have specific assets that you want to leave to your children, you can specify the terms for distributing them in a trust. If you are concerned that your beneficiaries will not be able to manage these assets until they reach a certain age, you can establish stipulations that allow access to the property on a specific date.

Establishing a trust will also lend your family some privacy. All assets that pass through probate are a matter of public record, but assets bequeathed in a trust remain private. Additionally, since trusts avoid probate altogether, your family will save on legal costs, and you may even be able to use certain strategies that allow you to save on estate taxes, as well.

Estate planning is complicated, and there are several kinds of trusts to serve different needs. If you want to discuss your options for establishing a trust, turn to Shelton Law Firm in Chariton, IA. Visit their website to learn more about their experience in probate law and estate planning, and call (641) 774-5956 to schedule an initial consultation today.