A Revocable Trust is also known as a Living Trust. For assets that are outside your Trust, at the time of death, any assets over $30,000 or real estate in your name will result in a probate process in New Castle County. The probate process can be cumbersome and expensive, and is avoidable. For example, 1.75% of your financial assets will be taxed as a fee to the Register of Wills, which can be avoided with careful planning by funding your Trust.
Your Trust documents will benefit yourself followed by your loved ones. Typically your spouse then children. You will name a successor trustee which is usually a spouse. Your spouse would then manage the assets for his or her benefit while alive. Then, after the death of the surviving spouse another successor should be named to manage Trust assets for the benefit of minor children, relatives or friends before the assets are distributed at specified ages, such as one-third at age 25, half of the remaining assets at age 30 with the balance distributed at age 35. Assets can also be held in special needs trusts for people not able to manage their own finances. We can provide specific bequests and fractional bequests to honor your intentions. We can also provide for beneficiaries which are charities or pets.
We have clients of all ages and backgrounds. We also help with planning for people with non-traditional families. The clients we help range from widows to young couples and LGBT families. Usually a Trust is the right solution for most clients whether they are retired, early in their earning years, executives, doctors, farmers or teachers.
Preparing the Trust properly ensures your beneficiaries are not left with any unwanted surprises when you are gone, and The Williams Law Firm can assist with this document. Once the document is satisfactory, we will prepare the Trust in triplicate with one office copy, one for home reference and another for safekeeping. Then you can sign it in our office where we have it witnessed and notarized. Should you change your intentions we can help you prepare amended and restated Trust agreements in the future.