Alabama Extension is offering a two-hour, online workshop to help people better understand how they can use trusts in estate planning. This workshop is being offered live, through Zoom, an online video platform.
A will distributes assets after probate, and after that distribution, the decedent has no more control over them. The typical will leaves all assets to the surviving spouse and the decedent has no control over what the surviving spouse does with those assets.
Trusts offer people the ability to direct the management and distribution of their assets after death. For example, the trust may direct the trustee to distribute one-third of the assets to a child when they are 30 years old, one half of the remainder when the child is 35 years old, and the remainder when the child is 40 years old. In addition to age, a trust can also be used to direct the trustee to pay the child at certain events in their life. For example, a trust can be set where the trustee pays the child $3,000 when they graduate from college, $5,000 for their first honeymoon, and $10,000 for a down payment on their first house.
Trusts can be living or testamentary and revocable or irrevocable. Trusts can be used for asset protection, tax planning, or other uses. During this program the different types of trusts and how they may enhance your estate plan will be discussed.
Dates and Registration
There are two dates available to choose from for this workshop – October 29 and December 10, both starting at 7 p.m. CT. Attendance for each date is limited to the first 20 registered individuals to ensure that attendees have ample time to ask questions. There is a $15 registration fee. Visit the Alabama Extension Store to register. When registering, select the date that you wish to attend.