Facts of Trusts

As you grow older it becomes imperative that you create legal documentation for the execution of your estate. It doesn’t matter if you own a lot or a little. The goal is to provide for your loved ones after you have gone and one of the most effective way to make sure that your wishes are carried out is to create a trust.
 
A trust is created by a ‘settlor’ who transfers property to a ‘trustee’ who holds it for an intended ‘beneficiary’ until the settlor’s death. This differs from a will in that the probate process, or the legal process that estates go through after death, is eliminated.  This can be advantageous because if you establish a trust then things like filing and court fees can be eliminated.
 
There are several reasons why someone may want to establish a trust and one of the most popular concerns young children. If something were to happen to you and your will had a provision stating that the children would get equal share this could be problematic if the child is, under age.  A trust can keep the money in an account drawing interest and building until the child reaches an age you have deemed fit for the inheritance; 21 and 25 are typical.
 
Because so many different types of trusts exist, you should consider hiring a professional attorney who has experience with estate planning. It’s important to understand the differences and establish one that’s tailored to your specific wishes.  For more information on our services contact us today.