A DC trusts lawyer can provide you with legal advice and representation if you wish to create trusts to protect assets from creditors, avoid probate, and facilitate the transfer of your assets. Trusts can be a versatile and useful solution to many issues that may plague your estate. If you want to secure protection and ensure control over your assets, you may want to talk with a trusts and estates attorney in DC who can discuss the incorporation of trusts into your overall estate plan.
How a DC Trusts Lawyer Can Help You
Trusts are a flexible legal tool used to serve many different purposes. You can use a trust to:
- Help protect your assets from the creditors.
- Ensure the preservation of your assets for your heirs after your death.
- Establish trusts for minor children and grandchildren.
- Provide for someone who is disabled and who is receiving means-tested benefits like Supplemental Security Income (SSI) without causing the individual to lose access to government benefits.
- Allow your heirs to avoid the probate process after your death.
- Minimize tax exposure for the assets of your estate.
There are different kinds of trusts that serve different purposes. There are revocable and irrevocable trusts, spend thrift trusts, asset protection trusts, charitable trusts, qualified personal residence trusts, and special needs trusts. A DC trusts lawyer will help you to determine what types of trusts are the right ones for you. Your attorney will also provide assistance going through the steps necessary to establish the right type of trust for your needs.
Washington, DC Trusts Laws
A Trust is entity that is created to hold title of property. The trust owns the assets you transfer into it, and a trustee manages the trust assets for the benefit of your beneficiaries. A Trustee has a fiduciary obligation to the beneficiaries the trust was created to provide benefit to.
Washington, DC has adopted provisions from Uniform Trust Code in Title 19 Chapter 13 of the DC Code. State laws found within this code section address the creation, validity, termination, and modification of trusts as well as establishing requirements for revocable trusts and clarifying the duties and powers of the trustee. Title 19 Chapter 13 Subchapter V also sets the rules for creditor’s claims against a trust.
Understanding the DC trust laws is very important. It is essential you follow the appropriate procedural requirements for creating a trust to ensure it is valid and provides the legal protections you need.
If you believe creating a choice is the right choice to protect your assets and your loved ones, you need to understand what is involved in the process and how DC trusts and estate laws will apply to you.
Contact a DC Trusts Lawyer Today
Trusts are not only for the wealthy – many people can benefit from the creation of a trust. Contact a DC trusts lawyer today for help determining if you need a trust and for help using the trust laws in Washington, DC to your advantage.