People often put off estate planning because they don’t see it as immediately necessary or know where to start. Drafting a basic will may be fairly straightforward, but what if you acquired considerable assets or want to distribute them under very specific conditions? In these scenarios,trusts are more appropriate. Below, Alan A. Panek Law Office, S.C., in Wisconsin Rapids, WI, answers some of the most frequently asked questions on the subject.

Common Concerns About Trusts

Why Shouldn’t You Distribute Everything Through a Will?

Although you may distribute all assets through a will, there are several advantages of creating one or more trusts. Not only do they grant control over the terms and conditions under which a beneficiary may receive their inheritance, but they also protect your family’s privacy. Assets that are passed through a trust do not have to go through probate, so the details of their distribution will not become public record.

Are Trusts Only for Wealthy Individuals?

Although trust arrangements can help wealthy individuals create more comprehensive and detailed estate plans, those who have accumulated significant assets are not the only ones who should consider creating one. Anyone married multiple times, who has children with multiple partners, a financial stake in a company, a disabled family member, or family membes with circumstances that indicate they should not manage their inheritance (addiction or behavior problems) may benefit from this document.

What Kinds of Assets Can You Transfer to a Trust?

Most assets can be transferred to a trust, including cash, investment accounts, stocks, bonds, real estate, collections, artwork, vehicles, jewelry, electronics, and other household items.

If your family needs help creating wills or trusts, turn to Alan A. Panek Law Office, S.C. Serving clients out of his practice in Wisconsin Rapids, WI, Attorney Panek helps individuals and families resolve various legal issues. In addition to estate planning, his areas of expertise include business, real estate, elder, special needs planning and probate law. Visit online for more information about his background and expertise, or call (715) 421-4900 to schedule an initial consultation today.