Knowledgeable Trust Attorneys
As comprehensive estate planning attorneys, the team at Gabert Williams Konz & Lawrynk LLP in Appleton, WI and the surrounding areas drafts legal trusts for clients to describe how their assets will be divided upon their passing and to provide for management of those assets in case of disability. While making end-of-life plans may make some individuals feel uncomfortable, it is a necessary step to protect your assets and minimize family disputes after your passing. We take time to help clients carefully and thoughtfully plan their trusts. We’re confident that a process you may have thought would be uncomfortable ends up providing you with complete peace of mind.
The Different Kinds of Trusts
When drawing up a trust, it’s essential to clarify the three different types. Each one serves specific needs. Our attorneys can explain the difference between each and guide you to the proper trust for your situation. The three types of trusts are:
- Revocable Living Trusts – This type of trust replaces a will and details how your assets will be passed on after your passing. It ensures your property avoids probate and can be amended at any time.
- Irrevocable Trust – Once an irrevocable trust is drawn up, it can’t ever be changed. People most often use this type to keep assets out of an estate for tax reasons.
- Special Needs Trust – People with disabilities can benefit from a special needs trusts while still being eligible for government benefits.
Benefits of Having a Trust
Some wonder why it’s advisable to have a trust instead of a will. Contrary to widespread assumption, trusts aren’t just for the very wealthy. Depending on your estate and family situation, you may benefit from having a trust instead of a will. Benefits of a trust include:
- Having ongoing management of investments and other assets
- Avoiding time-consuming and costly court probate
- Managing assets that are difficult to divide up
- Reducing incoming tax
Work With Experienced Trust Lawyers
A trust is only as effective as the details and careful planning that goes into it. Deciding to form a trust is a smart first step to protect your family and assets. Choosing a qualified law firm for legal assistance when designing your trust should be prioritized too. At Gabert Williams Konz & Lawrynk LLP, we bring decades of knowledge to families to create lawful and intelligent trusts. Contact us to learn more about our process today.