What is a Family Trust?

A family trust is a legal instrument that holds the title and ownership to the assets you decide to transfer to it. When you transfer your assets to the living trust, you do not lose control over them. You can still use, sell, or transfer the assets as you please. The beneficiary of this type of trust is usually a member or members of your family.

The primary reason why people set up family trusts is that property transferred to it does not go through probate, a process where the court supervises the payment of your debts and the transfer of your property interests to your beneficiaries or heirs. Probate can tie up your assets for over a year and the fees associated with it can consume a substantial portion of your estate.
Unfortunately, revocable trusts do not protect properties transferred to it from your creditors. It may offer some level of protection from your creditors at death because unlike a will, the terms of the trust are not a matter of public record.   You may however protect your assets from the creditors of your beneficiaries.  If you have substantial debts, it may actually be of benefit to go through a probate.  This decision is a very important one and should be discussed you’re your attorney.

Simple living trusts that are designed to simply avoid the probate process are easier to create. More complicated living trusts that may greatly reduce the federal estate tax for persons with a lot of assets may be more difficult. However it is important that you consult with an attorney for advice on setting up these trusts and whether a family trust is right for you. Call Sagaria Law today to find out more regarding a Family Trust. 
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