WilLS, Trusts, & Estate Planning Law Firm in Chattanooga, Tennessee
Chattanooga Estate Planning Attorney, Ed Nanney has served local business owners in Chattanooga for over 35 years and can provide the Trusts, Wills, and Estate Planning expertise you need.
A successful estate plan will include Will that clearly states how your money and wealth are to be distributed after your death. Your Will appoints an Executor who will inventory and administer your estate for probate.
A legal trust is one part of your Will that is used to distribute your assets after your death. The purpose of a trust to protect certain assets from the probate process. There are multiple types of trusts. he most common types of trusts are contingent trusts, special needs trusts, revocable trusts, and irrevocable trusts.
- Contingent Trust – a trust that can only be created under certain conditions outlined in your will. The contingent trust is setup with the special conditions you wish to be met for your trust to be created. Your will lists which assets should go into the trust, and who are the beneficiaries Having a contingent trust allows you to control how assets will be distributed and avoid some probate costs. A contingent trust is commonly used to provide for children or an incapacitated beneficiary.
- Special Needs Trust – a type of trust created to protection for beneficiaries with special needs. The trust provides funds to recipients of Supplemental Security Income (SSI) or Medicare. Funds can be used for a variety of expenses like for medicine, transportation, or other needs as long as they do not go towards housing or food.
- Revocable Trust – Also known as Living Trusts, a Revocable Trust is used as a will substitute that transfers the title of assets in the trust during the lifetime of the donor even though the benefits of the assets are not enjoyed by the beneficiary until after the death of the donor. Like all trusts, assets are passed on to a fiduciary that controls the assets for the benefit of a beneficiary. A revocable trust can be revoked by the donor at anytime during the donor’s lifetime.
- Irrevocable Trust – a trust where the grantor cannot change or end the trust after its creation. This type of trust can be used to limit estate taxes or to shield assets from creditors. Irrevocable Trusts are subject to the laws of your state. Some states assume that estates are not revocable and other states assume trusts are revocable.
Get advice from an experienced Chattanooga Trust and Estates Attorney
The first step in the process of developing a successful estate plan is talking to a knowledgeable estate planning attorney about the details involved in creating an trust, will, or estate plan. 4Sight Legal Services can help you determine which type of trust best suits your needs. We will help you develop a plan that helps to minimize taxes and to ensure that your wishes are honored. To make an appointment in our Chattanooga office, call 423-305-1704 or contact us online.
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Headquartered in Chattanooga, our estate planning firm represents clients throughout Tennessee. Learn more about our Business Law and Estate Planning services by scheduling a consultation today. Please call 423-305-1704 or complete our online contact form.