Common Misconceptions about Trusts

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Taking the puzzle out of trusts

Trusts represent one of four primary documents that anchor the estate planning jigsaw puzzle. However, several misconceptions are prevalent concerning trusts. At Quinto & Wilks, P.C., we aim to solve the puzzle. Therefore, we want to dispel common misunderstandings about these effective estate planning tools.

Misconception 1: Trusts get established only after death.

You can set up a Living Trust to take effect while you are alive. You can even serve as your own trustee. A living trust offers certain estate administration and tax advantages. Let one of the estate planning attorneys at Quinto & Wilks, P.C. help you determine how a living trust can work best for you.

Misconception 2: My estate is not large enough to warrant a trust.

The size of one's estate does not limit or prohibit the establishment of a trust. For example, you may have a disabled child. In your will, you have the ability to create a special needs trust to ensure your child's continued care. You can even set up a trust to care for your pet. There are several types of trusts and one of our qualified lawyers can help determine how and what trusts can be effective planning tools for you and your family.

Misconception 3: You have to name a bank or an institution as a trustee.

You can name virtually anyone you want to serve as your trustee. If you have a living trust, you can even name yourself. However, you may choose to name a bank, an attorney, or another institution or individual with experience to direct financial affairs. Let a Quinto & Wilks, P.C. estate planning lawyer help you find and name the right trustee for your situation.

Misconception 4: If I set up a living trust in one state and later move to another state, I have to set the trust up again.

A living trust is considered a contract and is given full faith and credit from state to state. However, you may want to have a qualified estate planning attorney review your trust in your new state to determine whether it may be necessary or appropriate to amend the trust to conform to that state's laws.

Solve the estate planning puzzle. Contact Quinto & Wilks, P.C.

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