• Skip to primary navigation
  • Skip to main content

Krueger Hernandez & Thompson SCEstate

Attorneys at Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Attorney and Staff Profiles
    • Communities We Serve
      • Adams County
      • Columbia County
      • Dane County
      • Madison
      • Sauk County
  • Estate Planning
    • Asset Protection & Business Planning
    • ESTATE AND GIFT TAX FIGURES
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Practice Areas
    • Business Needs
    • Divorce / Family Matters
    • Real Estate
  • Resources
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Resources
    • Pre Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
  • Testimonials
    • Review us
    • Our Testimonials
  • Blog
  • Contact Us
  • Call Us Today (800) 431-9776
  • ATTEND FREE WEBINAR
    • Medicaid Planning
    • Estate Planning
  • Show Search
Hide Search
Home / living trust / Benefits of a Family Trust

Benefits of a Family Trust

Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC · Aug 23, 2016 ·

trust administration

When you think about a family trust what comes to mind? If you have created this estate planning document, you are already familiar with the benefits. Conversely, if you have yet to consider what it offers, you may be missing out on something special.

Since you want to do what is best for your family, both now and in the future, it is essential to review the benefits of a family trust. This will give you an overview of what to expect and whether or not it is the right decision when compared to other options.

Note: a family trust is not the right estate planning strategy for everyone, so you need to learn more about the finer details before you make a final decision.

In short, a trust allows you to shelter property, which can then be passed along to your family upon your death.

Now’s the time to learn more, so let’s examine a few of the details that will help you better understand this strategy:

  • A family trust is known as a revocable trust. This means that you can easily transfer assets from the trust to your family when you pass on.
  • You don’t have to name one grantor. This is one of the top benefits of a family trust. For instance, if you are married, both you and your spouse can be listed as grantors.
  • You remain in control while you are alive. It’s hard for some people to consider a trust because they think they have to give up power while they are alive. With a family trust, this is not the case. This gives you the opportunity to retain control while you are living.

Those points should give you a better idea of what you will get with a family trust. However, there is more to learn.

  • No more concerns of probate. Are you worried that your family will be faced with a lengthy and often costly probate process? If so, you need to consider a family trust as this can help avoid probate. When compared to other options, such as a will, this is by far one of the biggest benefits of a family trust.
  • A high level of privacy. There are many things to think about when creating an estate plan, and privacy may be at the top of your list. With a family trust, all of your assets are handed down in a private manner. Compare this to a will, with distribution of assets becoming public record.

These are the types of things that have made family trusts so popular over the past decade. A growing number people are beginning to realize that a will is not enough for them and their family. They want to take things to the next level, and the use of a family trust is one of the best ways of doing so.

Ask Questions

Even though you now have a better idea of the benefits of a family trust, it doesn’t mean you are ready to create this arrangement just yet. You still need to do some homework to ensure that it’s the right solution for you and your loved ones.

Some of the questions to answer during this time include:

  • What have you done to this point from an estate planning perspective?
  • Are you okay with the idea of paying more upfront for the creation of a family trust?
  • Do you know how to move forward with the process when you are ready to do so?

By answering these questions, you will soon have a better feel for what you need to do.

If you have yet to download our report entitled “Dangers of Do-It-Yourself Wills and Living Trusts,” now is the time to do so.

It is common to believe that you don’t need professional help when creating a family trust. Unfortunately, this thought can point you in the wrong direction. You need to realize that there are many benefits of consulting with an experienced legal team.

With the right attorney on your side, you will no longer have questions regarding a family trust. And best yet, you can rely on this person to show you the way. What more could you want?

  • Author
  • Recent Posts
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Latest posts by Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC (see all)
  • Spring Summit 2022: Celebrating Friendship in the Lone Star State - June 15, 2022
  • What Makes a Will or Trust Invalid - June 2, 2022
  • How Estate Planning Documents Help Prevent Elder Abuse - May 26, 2022

living trust

Blog subscription

MIDDLETON

8215 Greenway Blvd, Ste. 590
Middleton, WI 53562
United States (US)
Phone: (608) 824-9540
Fax: (608) 824-9140

BARABOO

120 Third Street, Unit A
Baraboo, WI 53913
United States (US)
Phone: (608) 356-3961
Fax: 608-824-9140

By Appointment Only
All Mail Should be Directed to the Middleton Address

Opening hours

Monday7:00 AM - 5:30 PM
Tuesday7:00 AM - 5:30 PM
Wednesday7:00 AM - 5:30 PM
Thursday7:00 AM - 5:30 PM

Map

map for Krueger Hernandez & Thompson SC Estate ofice

  • Facebook
  • LinkedIn
  • Twitter

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us