Trusts are strategic legal tools for estate planning. This legal arrangement holds assets until a predetermined time, upon which they’re distributed to beneficiaries. While similar to a will, trusts provide unique advantages in certain situations and can help manage assets while the grantor is still living.
If you’re in need of trust creation and management services, turn to WW Partners. Our expert legal advisors are well-versed in all the complexities of estate planning and will guide you through the process of creating, managing, or making changes to a trust and help you plan for you and your family’s future.
Contact us today to schedule a consultation.
What Is a Trust?
A trust is a legal arrangement in which a grantor transfers their assets — such as bank accounts, real estate, insurance policies, investments, companies, and more — to be held by a trustee or beneficiaries. The trust holds the assets until the grantor’s death or another specified time, at which they are distributed directly to the beneficiaries.
Why Trusts Matter in Estate Planning
Trusts are essential in estate planning and are an effective way to provide for your loved ones and protect your assets. They help ensure your assets are managed and distributed according to your wishes, whether it’s after your death or at another time. They can also potentially reduce estate taxes, as well, benefitting your beneficiaries. Additionally, unlike wills, they allow you to avoid probate, making the asset transfer process quicker and easier.
Types of Trusts and When They’re Used
At WW Partners, we can help you create and manage all different types of trusts, including:
- Revocable living trusts, which provide flexibility as your needs change
- Irrevocable trusts, which provide extra security and can last for generations
- Testamentary trusts, which are created through a will and go into effect after death
- Specialized trusts, including bypass, dynasty, QTIP, special needs, and charitable trusts
No matter the details of your unique situation, you can be confident that we’ll ensure your needs are met and your assets are protected.
Client-Focused & Results-Driven
How WW Partners Can Help
Don’t leave your family’s future up to chance. Work with the team of legal experts at WW Partners to ensure your accounts, properties, businesses, and investments are safe and secure. We tailor our services to each client’s individual circumstances, whether they have a complex estate, are part of a blended family, own a business, or have other unique needs.
From drafting trust documents and personalizing terms to making revisions and working with trustees, our legal guidance is invaluable for anyone who wants to protect their assets and ensure their legacy. Contact WW Partners today to schedule a consultation where we can discuss your goals, explore trust strategies, and safeguard your family’s future.
Frequently Asked Questions
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What’s the difference between a trust and a will?
While trusts and wills are both estate planning tools that distribute a person’s assets, they’re used in different situations. Wills only apply after death, while trusts can distribute assets while the grantor is still living. Plus, they can bypass probate court, ensuring assets are distributed exactly as planned.
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Do trusts eliminate probate?
Yes, trusts can eliminate probate. With a will, assets can only be distributed after creditors have been notified and a judge recognizes the will as a valid public document in a process known as granting probate. Trusts do not require probate, which means assets can be distributed faster and more efficiently.
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What’s the difference between a revocable and irrevocable trust?
Revocable trusts offer flexibility and allow the grantor to change beneficiaries, add or remove assets, and make other adjustments.
With an irrevocable trust, assets no longer belong to the grantor — instead, the trust becomes the legal owner. Except in certain situations, they cannot be changed or revoked once they’re created. This provides greater certainty and permanence for beneficiaries and can help protect assets from creditors or estate taxes.
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Can I change my trust after it’s created?
There are many reasons someone may want to change a living trust, including the addition of new family members, the death of an existing beneficiary, divorce or marriage, or changes to tax laws. Living trusts can be changed by filling out a trust amendment form or creating a trust restatement. Even irrevocable trusts can sometimes be altered with the consent of the beneficiaries or if the trust names a protector who is authorized to make changes.