Why Should You Establish A Trust For Estate Planning? 4 Reasons

By Author: Lester Ong
Total Articles: 42
Comment this article

One of the most common questions that lawyers get asked is whether a trust is necessary or not. Just in case you didn't know, a living trust gives more control over your assets in the event of incapacitation or death. This means you will have more control or power over how your assets are distributed amongst children or your preferred beneficiaries. There are also other important reasons as to why creating a trust makes sense. Reputable estate planning lawyers in Perth list out the following benefits:

Avoid probate:

Probate is a court-led process, which is complex and time consuming. During the probate process, the court will be examining all the provisions and assets included in the will. There will also be a waiting period, during which the beneficiaries will have no access to any of the funds or properties in the estate. When you have a living trust, you can avoid probate. Your family members don't have to go through the hurdles of this process, thus letting them save their time and money.

Incapacitation:

Another benefit of having a trust is that it can be imposed when you are incapacitated. During ...
... such circumstances, a trustee will control your assets and manage them just the way you wanted.

According to the estate planning lawyers in Perth, your trust should specify in detail how your assets must be taken care of when you are incapacitated, and what needs to be done after your death. However, this is not the same as a power of attorney. Married couples can also establish a trust in order to set aside assets for the surviving spouse.

Protect Your Assets:

Having a trust will secure your property from creditors or lawsuits. If a beneficiary of your assets has a lawsuit filed against them, your trust will help protect your assets and keep them inaccessible to creditors.

Flexibility to Manage Assets:

Having a trust lets you decide how your assets must be distributed under different circumstances. There are different types of trusts available for you to consider. The most common types include revocable and irrevocable living trusts.

A revocable living trust, as the name suggests, is a trust that can be changed or revoked by the grantor any time they want. An irrevocable trust remains fixed. Another popular type of trust is the income-only living trust. Get in touch with the certified trust lawyers in Perth, in order to know how your assets must be managed. Simply put, having a trust gives you the flexibility to manage and distribute assets as per your requirements.

Save money and protect your property by establishing a trust for estate planning. To get useful guidance and assistance in this process, hire a good law firm of a recognised migration lawyer in Perth today.

Founded in 2002, by its directors Colin Munro and Ron Doig, Munro Doig Lawyers is a leading law firm based in Perth, Western Australia. We have extensive experience in the areas of tax, superannuation, succession, intergenerational wealth transfer, estate planning and commercial law. Our clients include high-net worth individuals and small-medium enterprises. We are also leaders in migration law (assisting clients with visa applications through to appeals and solving complex and difficult migration problems). Munro Doig Lawyers is committed to providing first-class assistance, trustworthy advice and strategic solutions. We maintain long-standing relationships with our clients; we think outside the box and provide leading-edge solutions. We look forward to helping you. Call us on 08 9426 6222 or visit http://www.munrodoig.com.au to find out more!