Wichita Trust Attorney

How Will You Care For Your Family After You Are Gone?

Setting up trusts can often feel like navigating a labyrinth. But you’re not alone in this. Here at the Law Office of Andrew Rowe, P.A., we approach trust law with a friendly, approachable style, aiming to make the process as simple and straightforward for you as possible every step of the way. Trusts are an invaluable part of estate planning. They allow you to control how your assets are managed by creating a trust that will manage your property and assets that will later go to your beneficiaries and continue your legacy as a provider for your family. Let’s break down how we can help you in Kansas.

Why Should You Consider Setting up a Trust in Kansas?

You might think that trusts are just for the ultra-wealthy, but that’s not the case. Trusts can be a financial game-changer for families of various income levels. Why? Because a trust gives you control over your assets, allowing you to stipulate the terms of its use and distribution. Whether it’s ensuring that your children receive their inheritance at an age you deem appropriate or allocating funds specifically for educational purposes, a trust gives you the reins. By defining the terms now, you can steer clear of potential family disputes down the line. Together, we can tailor a trust that reflects your intentions and safeguards your family’s future.

There are multiple types of trusts, each one designed to manage your assets in different ways and for different reasons. A trust that works for one person may not work for your specific situation.

What Kinds of Trusts Can You Create in Kansas?

When it comes to setting up a trust, one size certainly does not fit all. That’s why it’s crucial to explore the different types of trusts to find what fits your circumstances perfectly. Some popular options include:

1. Revocable Trusts: This type of trust allows you to deposit assets and reregister property under the trust’s name while still maintaining control of the trust administration during your lifetime, including canceling the trust if you choose to do so.
2. Irrevocable Trusts: An irrevocable trust offers certain tax benefits and protection from debt collections. It is strict and can not be altered easily once it is created.
3. Testamentary Trusts: Created through your will and become active upon your death, helping in allocating assets to minors or managing estate taxes.
4. Special Needs Trusts: These are designed to benefit individuals with disabilities, ensuring they have the necessary funds to care for themselves without jeopardizing government benefits. Receiving an inheritance can be enough to make a special needs loved one ineligible for benefits.
5. Charitable Trust: If you have philanthropic endeavors you would like to allocate certain assets to once you pass away, a charitable trust is for you. This trust allows you to make donations to certain causes and charities by placing assets in the trust.

Understanding the nuances of each type can be a complex process, but we are here to help guide you through it with clear, simple explanations and personalized advice, aligning the trust structure with your unique needs and goals.

How Can You Benefit From a Personalized Trust?

Every family is unique, and so is every trust we create. It’s more than a legal document; it’s a protective shield for your assets that helps ensure they will make it to your family the way you intend. At the Law Office of Andrew Rowe, P.A., we understand this deeply, and we work to know your wishes inside and out. In our casual yet professional consultations, we delve into the specifics, discussing different types of trusts, including revocable living trusts, testamentary trusts, and special needs trusts, among others, and guiding you on the one that best suits your circumstances. It’s about painting a complete picture of your financial landscape, envisaging potential future scenarios, and setting a plan in place that meets your needs stress-free.

Trusts are not only for the wealthy. Parents of young children who want to ensure they can continue their way of life should the unspeakable happen can benefit from the peace of mind of knowing there is a safety net for their children that can benefit them in many ways throughout their lives.

Why Should You Treat Your Trust Like a Living Document?

A trust isn’t set in stone; it evolves with you. Life brings about various changes, and your trust should mirror the dynamics of your life. We at the Law Office of Andrew Rowe, P.A. view this as a continuous relationship, always encouraging regular updates to your trust to align with your current circumstances and wishes. It could be a new family addition, a marriage, a medical diagnosis, or even a change in your financial status; we are here to make those adjustments seamlessly, ensuring that your trust remains a true reflection of your wishes at every life stage. It’s about building a living, breathing document, one that changes as you do, securing peace of mind for you and your loved ones.

This is why picking an estate planning attorney and sticking with them can be so beneficial. Having someone in your corner who understands that you aren’t just a client but also a person with friends and family you want to care for means you get service that is built from the ground up for you!

What Are Some Common Pitfalls to Avoid When Creating and Managing a Trust?

Unfortunately, many people unknowingly set up trusts that won’t fully serve their intended purpose, often due to a lack of understanding of the Kansas state laws. Missteps could involve not clearly defining terms or overlooking tax implications, creating potential future complexities.

Trusts require clearly written documents that outline the terms of the trust. A trust must identify the trustees, which will often be you or you and your spouse. You must also clearly identify the beneficiaries of the trust. Trustees, the people who will manage the trust and administer its assets when it comes time to do so, must be named.

Our role is to guide you in avoiding these pitfalls. We’re here to help you craft a trust that stands firm, is legally robust, and fully honors your intentions. It’s about foresight, experience, and personalized service, a combination that we bring to every client relationship, ensuring a trust that meets your objectives without fail.

How Can The Law Office of Andrew Rowe Help You Create a Trust?

When it’s time to put your trust in a trusts lawyer, look no further. We are here, ready to stand with you, guiding you through each step with a friendly, efficient, and professional service that sets us apart. If setting up a trust is on your horizon, let’s chat. Call us at The Law Office of Andrew Rowe, P.A., today at 316-330-4110 or contact us online to schedule a consultation with a dedicated Estate Planning Lawyer serving clients in Kansas. You don’t have to take on estate planning alone. Find out how The Law Office of Andrew Rowe can help you create a trust or any other aspect of preparing your estate for the future.