Trusts PDF Print E-mail

One solution to avoiding the probate process or to ensure problems with a POA can be lessened may be to set up a trust.  A trust appoints a “Trustee” who can dispose of property without probate worries.  You can “fund” the trust upon signing, or have your will “pour over” your assets to the trust.  A trust can be revocable, which means you can change it or cancel it at any time.  Military members can protect their assets while deployed or living out of your home state, and then rescind it when they return home.  A trust can also be irrevocable, which means you give up all control of it and cannot change it.  Irrevocable trusts are useful in estate planning if you have a large estate and want to reduce the tax bite for your heirs.

I recommend that you seek out the help of an estate attorney to ensure you have fully protected your assets.  A simple will may be all you need.  A POA may solve your problem.  Although the fees could run into thousands of dollars for a very complex estate plan, generally you can be protected for far less.  Remember, you are spending money now to save some later, either for yourself or your heirs.