Estate plans offer options to protect assets and secure them for your family. In these plans, owners may decrease the estate’s value or separate assets or wealth from the estate. Consulting an estate planning attorney in Daytona Beach shows what is possible for asset protection and setting up your final wishes.
Trust Funds for Heirs
A trust fund offers financial inheritance for an heir, and the estate owner sets up provisions for the trust fund that limits disbursements. You can transfer as much money as you want into the trust fund and set up age restrictions for access. For example, if you have minor children, a trust fund is an easy way to share your wealth, and you decide how old your kids are when they access the money.
Setting Up a Will
A will lets you choose what assets go to each family member or loved one. You can add stipulations for these assignments and devise protections if you die while your children are underage. In your will, you set up guardianship for minor children and any instructions for the new guardian. Speaking to an estate planning attorney in Daytona Beach helps you decide your final wishes.
An Early Transfer of Ownership
If you want to separate assets from your estate, you could transfer them into your heir’s name. Transferring real estate like a vacation home to your adult child gets it out of the estate, and the property won’t go through probate when you die.
Estate plans offer asset protection and the distribution of your assets and wealth. Trust funds and wills offer ways to enforce your wishes and ensure family members get their inheritance. Contact Kistemaker Business Law Group, LLC, to set up an estate plan or visit Web.
