Lewisburg Trusts Lawyer

Dedicated Trusts Attorney in Lewisburg, WV

One of the most important aspects of estate planning is the creation of a trust. Many people operate under the assumption that trusts are only for the incredibly wealthy, but this is simply not the case. Whether you are just starting a young family at a home on May Apple Trail or you have spent years living near Dorie Miller Park and are now looking forward to retirement, it is important to speak with a Lewisburg trusts lawyer who can help you understand your options.

Wooton, Davis, Hussell & Johnson, PLLC: Safeguarding Your Future

For decades, the team at Wooton, Davis, Hussell & Johnson, PLLC, has been helping folks across West Virginia determine if a trust works well with the other tools and components of their estate plan. Our Lewisburg Estate Planning lawyers combine a client-centered legal approach with more than a century of shared experience. We are passionate about creating strong bonds with our clients in order to provide efficient and effective legal representation and to grasp a full understanding of your needs.

Types of Trusts Available in Lewisburg

While around 32% of Americans have a will in place, this number is even lower when it comes to trusts, and nearly 62% of millennials do not have a trust or a will. A trust is an important piece of your estate plan and is a legal agreement where one individual or a party of individuals, named the trustees, manages the assets of an estate on behalf of the individual who will benefit from the trust.

There are various kinds of trusts available to individuals in Lewisburg, and each kind serves its own purpose. It is important to choose a trust that fits your needs and lifestyle and can protect your legacy and family members even after you are gone. At Wooton, Davis, Hussell & Johnson, PLLC, we have helped clients create the following kinds of trusts:

• Revocable living trusts. This kind of trust allows you to maintain a certain level of control over the assets in your trust while you are still living. When any circumstances change, you have the ability to modify your trust accordingly and as you see fit. Following your death, the assets held within the trust are given to your designated beneficiaries, which can allow your loved ones to avoid probate.
• Irrevocable trusts. Once this kind of trust has been established, it cannot be modified except through the permission of the named beneficiaries. While this might seem more strict and limiting than a revocable trust, it actually allows your family privacy and protection, especially from creditors who may come poking around following your death.
• Special needs trusts. This trust is created in order to provide a certain level of support to any beneficiaries with disabilities without interfering with their eligibility to receive assistance and benefits from the government.
• Testamentary trusts. These trusts are executed after your death and are usually created through the establishment of a will. These trusts are most often utilized to provide for minor children in the event of your untimely death.
• Charitable trusts. This kind of trust allows you to support charities and causes that are important to you. It can also allow you to receive certain tax benefits.

At Wooton, Davis, Hussell & Johnson, PLLC, we are here to review your estate, your assets, and your needs and those of your loved ones to help guide you on what kind of trust works correctly for your situation. Allow us to offer you the guidance you need to protect your assets, establish your trust in a valid and legal way, and customize all your draft documents to fit your needs.

Funding a West Virginia Trust

When the time comes to fund a trust in West Virginia, it is essential to know exactly how this process will go and what is involved. Funding a trust means that you can take the action of transferring all legal ownership of certain assets from your individual name to the name of the trust. This process can vary depending on the kind of asset involved. These processes can include:

• Transferring real estate requires the execution and recording of new deeds.
• Financial accounts need to be retired with your bank, a brokerage firm, or other institution.
• Business interests will likely require updating an operating agreement or corporate resolution.

FAQs

Can a Trust Protect You From Passing on Debt?

In the United States, nearly 46% of Americans expect to pass on some kind of debt after they pass away. While creating a trust does not erase debt, it may help protect your loved ones from certain creditors and from the probate process as a whole. Speak with a lawyer to determine if you and your estate would benefit from a trust in this manner.

Are There Any Disadvantages to Creating a Trust?

Like anything, there can be disadvantages to the creation of a trust for certain people. These disadvantages, depending on your situation, can include high upfront costs, the hassle of having to retitle assets and transferring these assets into the trust, and, in cases where the wrong individual is chosen as trustee, there can be possible mismanagement.

Does West Virginia Have Gun Trusts Available?

In West Virginia, you do have the ability to establish a gun trust. A gun trust helps any firearm that is regulated by the National Firearms Act, or the NFA, to get transferred to your desired heir without having to involve the West Virginia probate court. It is essential to work with an attorney when establishing a gun trust.

What Assets Can Be Used to Fund a Trust?

There are several different assets that can be used to fund differing types of trusts in West Virginia. These assets typically include any primary residences or investment properties, business interests, investment accounts, bank accounts, life insurance policies, and valuable collections of artwork, jewelry, or other tangible forms of personal property.

Hire a Trusts Lawyer Serving WV Families Today

When you need to hire a trusts lawyer, the attorneys at Wooton, Davis, Hussell & Johnson, PLLC, are here to serve you. Contact us today to schedule your initial consultation.