Estate Planning Williamsburg: Get a Trust & Plan Your Legacy

There is a wide-scale misconception that trusts and estate planning are exclusively for the super wealthy. However, the average trust according to the IRS has only $250,000 in it. The reason for that is that you don’t have to be a millionaire or billionaire to benefit from trust building and estate planning. Middle class families also benefit from trusts as a way to build up a legacy to last for generations to come.

Located in Williamsburg, VA, Zaremba Center — founded by Walt Zaremba — specializes in estate planning, elder law, trust and probate administration, and more. Whatever specific needs you have, we have you taken care of. Don’t wait until it is too late to get started creating a living trust; ensure that you have the protection and management you need so your heirs get the assets you want them to get smoothly and in full. Reach out to Zaremba Center today for a free estate planning consultation!

A trust is a type of fiduciary arrangement that allows a third party (named the trustee) to hold assets on the behalf of the intended beneficiaries. There are many ways to arrange a trust, but we’ll save what those are for another post.

The benefits of trusts are numerous:

Control what happens to your wealth — With a trust, you are in control of when and to whom distributions are made. There is a great deal of customizability with trusts. For example, you can create a revocable trust — where you are able to still use the assets during your lifetime and then whatever is left is passed to whoever you specified.
Protect your legacy — Trust building and estate planning go hand in hand. A properly created trust can help protect your estate from beneficiaries not adept at money management.
Avoid probate — Probate can be expensive, with court fees and extra taxes.
Maintain financial privacy — Probate is a matter of public record. If you don’t want outsiders knowing all about your finances, avoiding it is beneficial.

There are many different types of trusts you can create, from qualified terminable interest property (QTIP) trusts to irrevocable life insurance trusts (ILIT). To make sure you get the right type of trust set up for your specific needs and interests, be sure to work with an elder law firm with the experience and knowledge of state and federal laws to ensure you’re getting the best possible arrangement. Your legacy is not something to manage all on your own or leave to just any old lawyer. Choosing and creating a trust can be a complex process; make sure you get the guidance you need by working with estate planning attorneys who offer customized planning.

If you would like to learn more or get started planning your trust, it doesn’t matter how much money you currently have — you have a home and other assets that are worth being taken care of — contact Zaremba Center in Williamsburg today.

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