How To Determine Whether A Trust Will Benefit Heirs
December 1, 2014
Florida readers may wonder whether a will is sufficient to protect their assets for their heirs. Depending on a person’s assets and net worth, a trust may be a useful tool for estate-planning and asset protection. An individual with a net worth of $100,000 or more may benefit from a trust as long as at least one of the following conditions is met, according to a financial and trust planning expert.
A trust may be deemed appropriate if an individual and his or her spouse wish to maximize exemptions on their estate taxes. A trust might also be an option if there is a disabled relative who the individual would like to provide for without causing any disqualification from government assistance. In addition, an individual might want to place stipulations upon an inheritance such as a certain milestone or age.
Trusts have a great deal of flexibility and variety, which makes them complicated to plan and establish. An estate planning lawyer may be able to evaluate the assets, needs and wishes of an individual and offer specific advice on which kind of trust is most appropriate.
Once an estate plan has been devised, a lawyer can establish the trust and draw up the necessary documentation. If circumstances change, a person’s will and trusts may be adjusted and changed according to the individual’s wishes. For example, a new heir may be added to a will and a new trust established. If the designated estate administrator becomes unwilling or unable to function as administrator, a new administrator may be appointed.