An estate plan – especially a trust – can do more than just transfer ownership of certain assets to its beneficiaries. Here are some things that you might not have realized estate planning can do for you:
1. An estate plan can protect you from lawsuits, creditors, or even divorce
When done right, estate planning and trusts can protect your loved ones, i.e. your beneficiaries. When you work with Murphy & Berglund, we determine our client’s end goal and assist in tailoring an estate plan to meet the client’s specific needs. For example, if you need creditor protection, we can assist you in creating an irrevocable trust or setting up a corporation. If you want to ensure a minor child’s inheritance is managed properly and protected, you estate plan can include a special trust for the minor child with someone you trust as a trustee and guidelines for when distributions are made. If you or a beneficiary of your estate are facing a divorce, we can make special provisions in a will or a trust to protect the assets you have and may leave behind.
2. An estate plan can provide incentives to achieve certain goals
A trust can provide that your beneficiaries must meet certain criteria in order to inherit, or can provide incentives for certain actions; whether that be a higher level of education, a certain profession, homeownership, community service…whatever, you decide who inherits and when. Your estate plan can become a powerful tool in continuing to promote your values for generations to come.
3. An estate plan can preserve your family wealth
Without careful planning, a taxable estate can cause a large portion of assets that were originally intended to remain in your family, to go to the government instead. If you have a high net worth, let us assist you in creating a well-crafted tax-based estate plan to ensure that your estate and your family assets are preserved for generations to come.
4. An estate plan can even take care of pets
Are you worried about who will take care of your pet family when you’re gone? A pet trust can not only specify who will take care of your furry friends, it can also provide the financial resources to ensure that they are cared for properly.
5. An estate plan can encourage family harmony
It’s important to communicate your intentions – and your reasons behind them – to loved ones before it’s too late. Talk to them about your decisions so that there are no misunderstandings – don’t leave them wondering! If you are not ready to share your wishes with your family, it is important to have them legally documented through an estate plan so that your family knows of your wishes when the time comes for them to step in. Let us handle your estate planning so that we can ensure that this process runs smoothly for everyone involved.
At Murphy & Berglund, PLLC, we understand that every estate plan is different, and we make sure that – after you’re gone – your legacy continues. Contact us today to set up an appointment with our estate planning attorneys.