A trust is a separate legal entity which holds property for the benefit of others. As a trust is a separate legal entity, assets held in the trust are not considered part of an individual's estate and are not included in the individual's probate estate upon their death. Assets in the trust are not subject to probate and the expenses and time involved with probate. This is a major reason why many estate plans include trusts. Trusts provide a flexible mechanism to distribute the assets as determined by the trust document, both during and after the life of the individual. A trust can also provide credit protection for the beneficiaries of the trust.
Trusts come in many flavors to address the different issues and concerns facing the individual making an estate plan. Drafting a trust requires a thorough understanding of an individual's rationale for the trust including the individual's issues and concerns and desired outcomes.
The Law Offices of Ravi K. Nigam reviews each client's situation thoroughly and provides estate planning solutions customized for the client. Contact us to discuss your situation and what option will best fit your situation. We take great pride and care in providing highly quality affordable legal services. Our attorneys provide a free legal consultation to discuss your needs and what options are available to you.