Establishing Wills And Trusts
A will creates the core of any estate plan, detailing your wishes and directives in a legally binding document. Catherine Palmore is a trusted local attorney experienced in estate planning that helps residents of the Montgomery County area complete their estate planning with wills and trusts.
In concert with a will, a trust enables persons to put their affairs in order while they are still alive, facilitating the smooth transition of property and assets upon death. Here are descriptions of some of the most common types of trusts.
The property in a living trust does not go through probate because the trust’s disbursal orders are primary, rather than a will. There are two types of living trusts: revocable and irrevocable.
This type of trust allows modification until the grantor’s death. Even though this type of trust avoids probate, the value of the assets gets counted when estate taxes are calculated.
Once finalized, an irrevocable trust cannot change. In exchange for the inflexibility of this plan, this type of trust avoids hefty estate taxes. The assets in a trust may also be safe from creditors. There are several types of specialized irrevocable trusts, including an income-producing grantor-retained annuity trust.
Trusts For Pets
One type of trust that is gaining in use is a pet care trust. The assets in the trust provide for the care of pets named in the legal document.
Give Us A Call
If you need to finalize plans for your estate’s disbursal and have questions, give The Palmore Law Firm, PLLC a call at 281-367-0111, or reach us online. We can sit down with you to determine what legal instruments will best meet your needs and goals.