Wills and trusts are both important legal methods to provide for your family. John H. Ruby & Associates have provided legal guidance about wills and trusts to clients in the Louisville and Jefferson County areas for many years.
Trust funds in Louisville
Setting up a Louisville trust fund may be a good solution for your loved ones to avoid probate after you are gone. Because Louisville trusts law does not usually require trusts to go through probate, distribution of your assets can occur more quickly and save your family time and money.
Trusts are also private documents and because they are not public, can help prevent fraudulent claims against your estate and further protect your family. Trusts are flexible and may be revoked or amended at any time. Trusts specify instructions for the management of your entrusted assets during your lifetime and/or upon your death or disability.
A major benefit of a trust is it enables you to keep control of the management and distribution of your assets. Upon your death, the appointed trustee directs the distribution of the entrusted assets to your designated beneficiaries or manages the assets for your beneficiaries, depending on your instructions. There are a variety of trusts you can establish, depending on your needs, including:
- Living trust
- Charitable trust
- Income trust
- Spendthrift trust
- Special needs trust
Advantages of a will
Though trusts may include nearly every type of asset, there may be some assets you want to keep outside the trust such as:
If for practical or other reasons you have assets you do not want to include in a trust, you may also prepare a will to specify distribution of those assets. An important provision in a will is appointing a guardian for your minor child. Guardianship provisions are not included in trusts, so you may also need to prepare a will.
Contact a Louisville trust fund law firm
Depending on your circumstances, a trust may be able to cover the distribution of all your assets and protect your family after you are gone. However, a will may also be necessary to provide full protection. John H. Ruby & Associates provide expert legal advice about which option(s) suits your situation and fully protects your heirs. Contact us today at 888-314-8437 for a consultation to discuss your Louisville trust fund needs.