Benefits Of Having A Trust In Virginia
Many people think only wealthy families need trusts. This is not the case in Virginia. Creating a trust can save your beneficiaries thousands of dollars in probate costs. It can also keep your family’s financial affairs private.
At Patel & Dalrymple, our lawyer creates living and other types of trusts for individuals and families in Lynchburg and surrounding communities in central Virginia. Call 434-338-7080 to talk to a lawyer about your estate planning needs.
Why A Will Is Not Enough
While a will is inexpensive to create, it can be very costly for your beneficiaries. Wills need to go through the probate process, which in Virginia can cost your family from three percent to five percent of the total value of your estate. If you own a house worth $200,000, that single asset could cost your family $10,000 in probate expenses.
Probate is also a public process. This means that others can easily find out how much you owned and who received what.
Advantages Of Estate Planning With Trusts
There are many different kinds of trusts that you can create for different purposes. Here are just a few advantages of trusts:
- Keep your family’s financial affairs private
- Transfer assets directly to beneficiaries without the cost and delay of probate
- Protect assets you provide to beneficiaries from issues like bankruptcy and divorce
- Protect a child’s inheritance from being wasted through a spendthrift trust
- Minimize taxation through a life insurance trust
- Provide assets to a disabled family member without making them ineligible for Medicaid through a special needs trust
- Protect a business from liability through a business trust
- Reduce taxes and support a charity through a charitable trust