Protect Your Assets And Privacy With A Manchester Trust Lawyer

When a person passes away, their last will and testament becomes a public court record during the probate process. If they pass away without a will, the process can become more contentious. The outcome may not be what they or their family would have wanted.

If you want to keep your family’s financial affairs private and provide your loved ones with a more streamlined and efficient process in which your assets may be distributed, consider establishing a revocable trust. At Craighead & Martin, PLLC, Attorney Joanne Craighead utilizes her 39 years of experience in estate planning and trust administration to assist families and individuals in Manchester and throughout New Hampshire. As your lawyer, she will provide clear, compassionate guidance in ensuring that your trust is aligned with your intentions.

Benefits Of A Revocable Living Trust

Attorney Craighead often recommends a revocable living trust for her clients. Unlike a will or an irrevocable trust, it gives you maximum control. When you create a revocable trust, you can change its terms or end it at any time, adapting to life’s changes. Specifically, it allows you to:

• Remain in control by acting as your own trustee during your lifetime
• Avoid probate for all assets properly titled in the name of the trust
• Keep your financial affairs and family information private
• Plan for incapacity and avoid guardianship proceedings by naming a successor trustee to manage assets without court intervention

As your trust lawyer, Attorney Craighead will help build a clear plan to secure these benefits for you and your family.

Testamentary Trusts: Protecting Your Beneficiaries

A testamentary trust is a trust you create inside your will. It is not active while you are alive. Rather, it only takes effect after your death. This is especially valuable for:

• Parents of minor children who want to provide for them, but ensure the funds are managed responsibly until they reach a certain age.
• Family members with special needs who might lose government benefits if they inherit money outright, provided the testamentary trust is drafted as a third-party special needs trust
• Any beneficiary who may be young, inexperienced with money or has a history of poor financial decisions.

This tool is the ideal solution if you want to leave assets to someone who may need long-term financial support or is not ready to manage an inheritance. Attorney Craighead can help you set up a will that sets clear rules for how and when a beneficiary receives their inheritance through a testamentary trust.

Honest Counsel On Irrevocable Trusts

Irrevocable trusts can be a popular tool in estate planning, especially when it comes to asset protection. However, when you move your assets into one, you typically give up control over them permanently. It can be a difficult process to change the terms of the trust, or sell the property and access the funds in it. This loss of flexibility can be an issue if your family or financial situation changes.

In her practice, Attorney Craighead believes in straightforward solutions that keep clients in control of their assets. For most families, a revocable trust offers the right balance of asset management, privacy and flexibility. She provides honest advice about the downsides of irrevocable structures. If your goals might require an irrevocable trust, she will discuss the implications and can provide a referral to another lawyer if needed.

Deciding Between A Trust Versus A Will

People often ask whether they need a trust or a will. The answer is that most comprehensive estate plans use both. A will is a public document that goes through probate. Its primary jobs are to name a guardian for your minor children and direct the distribution of any assets you own in your individual name.

A trust, on the other hand, is a private document that manages assets you transfer into it. It works during your lifetime and after your death, providing probate avoidance benefits. A revocable living trust is often paired with a “pour-over” will. This specific type of will can catch any assets left out of the trust and direct them into it upon your death.

How To Set Up A Trust

Creating a legal trust document is the first step. You must fund it by retitling your assets in the trust’s name. This can include your home, bank accounts and other property. You will likely serve as your own trustee while you are alive. However, you must name a successor trustee to take over if you become incapacitated or after your death.

This person has a legal duty as a trustee to follow the trust’s instructions and act in its best interests. Attorney Craighead can discuss the responsibilities of a trustee in more detail during your consultation and help you consider choices for this important role.

Discuss Your Trust With A Compassionate Attorney Today

When you are ready to create a trust that protects your family and your assets, work with an experienced trust lawyer. Attorney Craighead offers legal solutions in a comfortable, understanding environment. Schedule a consultation today by calling Craighead & Martin, PLLC, at 603-795-7308 or by sending a message through the website.