An asset protection trust is also referred to as a wealth preservation or home protection trust. When you transfer your assets into a trust, they’re no longer yours. However, retaining the rights over the assets you have transferred into the asset protection trust is possible. Let’s look into why you should consider having an asset protection trust in Tampa, FL.
1. Your Estate Is Protected on Behalf of Your Beneficiaries
When you set up a trust, you’ll have peace of mind since you’re confident your beneficiaries are provided for. For instance, if you have children from previous relationships or are concerned about your spouse remarrying when you’re gone, the asset protection trust will be useful. Also, suppose any of your beneficiaries appear to be vulnerable, for instance, a child that has disabilities. In that case, the trust will ensure that they’re protected so that they won’t experience financial abuse and won’t lose their right to benefit from your assets.
2. Avoid Time Delays and Costs of Probate
Probate is usually expensive, and the entire process is time-consuming. When you transfer your assets into a trust, a probate isn’t required for your assets upon your death. As a result, all your assets will be dealt with efficiently and quickly, and your beneficiaries will save significant money and time in the process.
3. Protection from Bankruptcy or Divorce
It is impossible to know what the future holds. As a result, in case of unforeseen issues such as bankruptcy or a divorce, having your assets in a trust will ensure you’re protected from third parties.
If you require assistance in setting up an asset protection trust, you can get in touch with The Greenberg Law Firm through barrygreenberglaw-tampa.com.
