Family trusts are a valuable estate planning strategy that allows individuals to control what happens to their assets during their lifetime and upon death. Furthermore, property held in trusts is exempt from probate and can be quickly passed along to family members.
It isn't hard to arrange family trusts, but the process takes a little time. Individuals need to gather property titles, financial records, and take inventory of assets being transferred to the trust. They also need to choose a person to act as the Trustee upon death, along with beneficiaries who will receive inheritance.
Most people find it helpful to hire a lawyer to guide them through the process. Trusts can be customized to suit your needs, but must also comply with state guidelines. Once documents are executed you'll need to fund the trust. This involves obtaining new property titles and changing account holder name on financial accounts.