Trusts

Deciding the best way to divide up your estate after your death is not always a straightforward task, and there are a number of different estate planning tools that should be considered to make the process easier and more cost-effective. To this end, you may consider placing a portion of your estate into a trust to help minimize estate taxes and to avoid an often lengthy probate process. This will allow your family to avoid additional expenses and ongoing uncertainty in an already emotionally difficult time.

At Michna Law, our experienced trust attorneys have been helping families through the process of drawing up the documentation and establishing trusts for close to 40 years. We make this complex process as simple and easy as possible, allowing our clients to access a financial structure that is a more cost-effective way to distribute property, income, and other assets after their death.

The Different Types of Trusts

Understanding Your Options

For all trusts, there is the person who creates the trust (a grantor), the person who carries out the terms of the trust (a trustee), and the people who receive any property from the trust (the beneficiaries). The main types of trusts are:

Living Trusts

With a living trust, the role of grantor, trustee, and beneficiary are initially fulfilled by the same person, and the trust remains in effect during their lifetime. You can provide for yourself in later years as well as specifying the steps to take should you become mentally or physically incapacitated, and how the estate should be administered following your death.

Irrevocable Trusts

Irrevocable trusts make permanent decisions about the distribution of assets ensuring that they are safeguarded from family members if necessary.

Establishing Financial Security You and Your Beneficiaries

At Michna Attorneys at Law, we offer estate planning services that include trust setup and administration for your peace of mind and to ensure the financial security of your beneficiaries. We will walk through your legal requirements and are available as representatives for probate matters. To get started, please set up an appointment by giving us a call or filling in the form below.