Planning for the future means making serious choices, and your Ames, IA living trust lawyer can help you make the right decision. At Law Group of Iowa, we have 16 years of experience with wills and trusts, and we’re ready to share our knowledge and experience. Read on for some FAQs about living trusts, and contact us today to get started.
What Is The Basic Idea Behind A Living Trust?
A living trust is a legal document that lets you move ownership of your assets into a trust while you’re still alive. You still keep control of everything, but the trust becomes the owner on paper. When you pass away, the person you choose to manage the trust (called a trustee) handles your assets and distributes them according to your instructions. This helps avoid probate and keeps things private and streamlined for your family.
How Is A Trust Different From A Will?
The biggest difference is that a will goes into effect only after you pass away and has to go through probate court. A trust, on the other hand, can start working while you’re still alive and skips probate entirely. That means your loved ones can usually access what you’ve left them faster and with fewer legal hurdles. Also, a trust gives you more control over how and when assets are handed out—like spreading out distributions over time rather than giving everything at once.
Do I Lose Control Of My Money Or Property If I Set Up A Trust?
Not at all. If you create a revocable trust, you’re still in charge. You can move assets in or out, change the terms, or even cancel the whole trust. While the trust becomes the legal owner, you’re the one managing it unless you name someone else to take over. This flexibility is a big reason why many people choose this kind of planning.
What Kinds Of Things Can I Put Into A Living Trust?
You can put most of your assets into a trust—like your home, other real estate, bank accounts, investments, and personal property. Some assets, like retirement accounts, are usually handled a little differently because of tax rules. That’s something we talk through during the planning process to make sure everything works together. The goal is to have as much of your estate covered by the trust as makes sense for your situation.
Is It Worth Setting One Up If I Don’t Have A Large Estate?
You don’t need to be wealthy to benefit from this type of planning. Many people with modest estates set up trusts because they want to avoid probate or want privacy around how their estate is handled. It’s also useful for blended families, second marriages, or situations where you want more control over who gets what and when. A trust can make things simpler for the people you care about, no matter the size of your estate.
Get In Touch Today
At Law Group of Iowa, we’ve helped families of all sizes decide whether this type of planning makes sense. With over a decade of experience in estate planning, wills, and living trusts, we’re ready to help you, next. Reach out today to schedule a consultation with a living trust lawyer from our team.
