In addition to creating a Last Will and Testament, another option is to put your assets into a Trust. Trusts keep your estate private and send your assets directly to your heirs, without having to go through the probate process. There are numerous types of Trusts, and Hilburn & Harper, Ltd. can help you find out which may be best suited for you and your family.
Depending on your specific goals, you may find a Revocable Trust, sometimes called a Living Trust, may be appropriate. A Revocable Trust is one in which the terms can be changed at any time. The main benefit of a Revocable Trust is the protection that it provides by ensuring that your wishes are implemented if you should become incapacitated.
An Irrevocable Trust, on the other hand, cannot be modified thereafter without the consent of the beneficiaries. The ability to save on taxes through various income or estate and gift tax planning strategies is one of the main benefits of an irrevocable trust. They can also help with creditor protection, meaning that assets contained in the Irrevocable Trust are protected from creditors, or at the very least, are much harder to reach.