Many people decide to set up a trust fund for a family member before they pass away. It really doesn’t matter which family member you decide to provide for in this way, a Des Moines trust lawyer is ready to handle the paperwork and get things set up for you. You can even set up a trust for someone who is not immediate family, like your niece or nephew.
Get Help TodayThere is no real limit on who you can make a trust fund for. Many people establish one for their children, but if you want to establish one for your niece or nephew that is fine. Our lawyers can help you do this as a part of a larger estate plan that’s designed to keep your assets safe.
You could also leave assets to an existing trust, if that’s an option. We don’t recommend leaving money to a niece or nephew by bequeathing it to their parents though. Setting up a trust fund can ensure that your assets go to the right place and that your wishes are honored.
There are a few different types of trusts that can be used here. A revocable living trust could enable you to give gifts while you are alive. If your niece or nephew has special needs, a special needs trust can preserve assets for them without jeopardizing assets to benefits like Medicaid or SSI. We can help you figure out the best option.
This is one of the big benefits of setting up a trust fund. The assets in a trust do not have to go through the probate process. If you pass away and some of your assets are not mentioned in a will or an estate plan, the probate process is used to give your assets to a proper beneficiary.
Normally, this means that a spouse, child, or parent, one of the closest relatives, will receive the property. So this is another good reason to establish a trust if you want your nieces or nephews taken care of. They are unlikely to get anything through probate.
Setting up a trust fund requires a bit of paperwork and it can be tough to handle the entire process on your own. This is why we recommend talking to a lawyer from our firm once you have decided to set up a trust for your niece or nephew. We can make sure that everything is in order so that your relatives do not run into any problems once you have passed away.
When you are ready to set up a trust fund or make any other estate planning decisions, contact Herting Law, PLLC. We can schedule a consultation and help you figure out the best ways to protect your assets and provide for your loved ones.
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