A trust can serve as an effective way to legally transfer property to another party. Unlike traditional estate planning documents, a trust can take effect at any time. Additionally, assets that change hands through a trust do not need to move through probate after a person’s death. As a result, trusts are adaptable tools that can help to ease tax burdens, improve your eligibility for Medicaid benefits, or provide payments to other parties without the complications involved in probate.
A Pottawatomie County trusts lawyer could help you create trusts that meet your estate planning needs. Whether you are looking to transfer property upon your death or want benefits for the immediate future, forming a trust might be the right option for you. Schedule a consultation with a knowledgeable estate planning attorney at our firm to learn more.
State Laws Concerning the Formation and Execution of Trusts
A trust is one way that people can legally transfer property to others. However, unlike old-fashioned estate planning tools such as wills, a trust can have an immediate impact. When forming a trust, though, individuals must follow the rules established under Kansas state law.
According to Kansas Statute § 58a-402, a trust may serve any purpose, but its formation must abide by the following guidelines:
A person making a trust must be of sound mind
That person must intend to create a trust
The trust itself must specifically name assets, identify a beneficiary, and nominate a person or organization to serve as a trustee
Once a trust maker signs the paperwork, a trust takes effect based on the term of the agreement. The trust maker must transfer control over assets to the trustee, and that trustee must follow the terms of the trust. In fact, trustees have an obligation under the law to both the trust maker and the beneficiaries to perform their jobs according to the language of the trust and state law. A well-practiced Pottawatomie County trusts attorney could help explain the legal concepts that control the creation of trusts and the responsibilities of trustees in more detail during an initial meeting.
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Why a Trust May be A Valid Estate Planning Option
When most people imagine the concept of estate planning, they think about the traditional choice of creating a will. This is certainly a logical conclusion. However, wills only have legal effect after a person’s death and will likely need to flow through a complex and lengthy probate process.
Trusts offer a way to transfer ownership of property and avoid legal complications after a person’s death. One advantage of a trust is flexibility. A trust may go into effect at any time and provide property to beneficiaries upon the maker’s choosing. In addition, this change of ownership avoids tax burdens. In this way, parties may move property to others without regard for any possible taxation or reduction in value.
Trusts also help parties avoid a potentially lengthy and costly probate process. Probate is a necessary process for a court to determine the property rights of heirs and ensure the winding down of a party’s estate. However, property that changes hands through a trust does not need to go through probate. An experienced trusts lawyer in Pottawatomie County could help people better understand the role that trusts can play in a larger estate plan.
Let a Pottawatomie County Trusts Attorney Help Plan for Your Future
Every adult should have a comprehensive estate plan. These plans determine what will happen if a person dies or becomes incapacitated. However, a potential death is not the only reason to have a plan. Parties may wish to provide money to charity, transfer ownership of a family home, or retain control over a family business.
A trust is one way to achieve all these goals. A trust allows parties to transfer ownership of property to others while avoiding both taxes and probate.
Contact a Pottawatomie County trusts lawyer today to explore your options.
