Trust Lawyer Des Moines, IA

Trust Lawyer Des Moines, IA

Having a will is essential; however, there are many situations in which a trust can be just as advantageous. A will is a legal directive of the distribution of your assets; whereas, a trust has the ability to safeguard any named assets for the benefit of the beneficiaries. A trust should be drafted and reviewed by a trust lawyer in Des Moines, IA. If you are unsure whether or not you might benefit from having a trust, please call the Law Group of Iowa. 

Utilizing a Trust in Your Estate Plan

There are various types of trust, and not all are appropriate to an estate. A trust lawyer in Des Moines, IA can help you to understand what trust might be appropriate. The following are the most common trusts:

Testamentary Trust – This is a trust that only takes effect once you have passed away. It is a legally binding document that will allow you to distribute your assets, property, and financial income upon your death and is subjected to any conditions that you might choose. Like all trusts, a testamentary trust will have a named Trustee who will be responsible for managing and administering the trust. These trusts are most ideal for situations that involve an heir who is disabled, a minor, or may be unable to manage the assets on their own. 

Living Trust – A living trust can be put into effect at anytime while you are alive. Several advantages to having a living trust exist, particularly those associated with taxes on property, assets, or income. You can also gift your assets through a living trust, and include any particular conditions of your choosing. For instance, you might wish to cover the costs of your grandchild’s education through a living trust. Valuable assets can also be placed into a trust and distributed immediately after your death. This is beneficial because they will not have to pass through probate process – which is usually mandatory when there is only a will. 

Other Types of Trusts

While the above trusts are the most common, there are many other kinds of trusts including:

  • Special Needs Trust – This is a trust that is solely for an heir who is disabled. These kind of legal trusts are typically utilized when there are concerns about losing government benefits. 
  • Gun Trust – A gun trust can contain guns and certain weaponry. They are ideal for collectors or who would like to pass their guns to an heir without many complications. 
  • Asset Protection Trust – An asset protection trust can safeguard your assets, resources, and property from creditors. 
  • Spendthrift Trust – A trust ideal for younger people who don’t understand how to manage their money. 

Call a Trust Lawyer in Des Moines, IA to Learn More

Trusts are not only used for the wealthy and powerful. Rather, most people can actually benefit from having a trust included in their estate plan. If you are planning your estate and are seeking out the best options for your particular situation, you should call a Des Moines, IA estate planning lawyer to learn more.