Hicks & Alhejaj, P.C. is an Omaha law firm that has helped countless individuals throughout Nebraska and Iowa ensure that their loved ones are provided for after their passing. Two important aspects of our estate planning services are wills and living trusts. Trusts are often an overlooked means of managing your assets and reducing complications that may arise during probate proceedings. The experienced estate planning attorneys at Hicks & Alhejaj, P.C. can help you create trusts that will secure the financial future for you and your loved ones.
It is common to want to know the differences between a will and a trust, as well as the advantages of one over the other. A trust is an agreement between you (the “trustor”) and the trustee, the person who operates the trust. Typically, a trust holds monetary assets, stocks or real estate. The trust agreement itself informs the trustee how the trust assets are to be handled and names the beneficiaries. A living trust is created during your lifetime and can be either revocable or irrevocable. A revocable trust can be changed or even cancelled, whereas an irrevocable trust cannot. An advantage of a trust over a will is that it is not filed in court, and thus is private. Assets in a living trust also usually avoid probate at death. A will may still be necessary to cover certain assets and deeds that are not suited for trusts, such as stock in a professional corporation or IRAS.
The attorneys of Hicks & Alhejaj, P.C. prepare living trusts individually suited to our client’s needs and desires. We prepare detailed exhibits of trust assets and instructions for funding the trust and carefully coordinate beneficiary designations. We also assist our clients in properly funding the trusts and save them countless hours and headaches by preparing deeds and accompanying documents required to transfer interests. Our attorneys also offer trust administration services following the death of the trustor.
A wisely-constructed living trust can be a powerful tool that can help you manage assets and provide for your loved ones. The estate planning attorneys at Hicks & Alhejaj, P.C. can help you decide if a living trust is the right decision for you and work with you throughout the drafting and administrative process to ensure your goals are accomplished. For more information, contact our Omaha office at 402-401-4916 or online. We serve clients in the Omaha-Council Bluffs area and other communities throughout Nebraska and Iowa.