When you get older, one of the things you may worry about is what will happen with all your belongings once you are gone, preferably without paying large amounts of taxes or administrative fees. There may be certain items you want to make sure that someone gets in the end. One way to ensure that your loved ones get what you want them to would be to set up a trust ahead of time. To get information on setting up a trust, you should contact a Wills & Trusts Lawyer in Davenport, IA.
The most common trusts are irrevocable and revocable trusts. These both can bypass the probate process. If you have a large estate, these two types of trusts would be best because most probates can cost the estate up to 7% which can really add up money wise. The way this is set up is all of your assets are transferred to the estate ahead of your passing. By doing it this way, the trust holds your items and then passes them on to your beneficiaries after your death. This bypasses probate and can save the estate a lot of money. When you pass, if you do not have a trust your belongings go into probate and it becomes public, with a trust, it is all private. This is a very good thing for someone who values their privacy and who does not want others to know what they have or do not have.
Another reason you may want to set up a trust is to ensure that your younger beneficiaries are old enough to handle their inheritance. After your death, until the time your beneficiary receives their inheritance, the trust controls it. Also, if there is a chance someone can sue you to receive a judgment, you should set it up as an irrevocable trust. If a settlement was placed against you or your estate, the person suing you cannot touch any trusts that have been set up for your beneficiaries.
By contacting a law firm like http://davidjfrankslaw.com/, they can assist you in choosing the best possible way to protect your estate for your beneficiaries. This type of Trusts Lawyer in Davenport,IA will use their knowledge to ensure that everything is in order and give you peace of mind that your family’s future is intact, and that your estate transition will be a smooth one.