Trusts can take several different forms, sizes, complexity and can serve a variety of different legal purposes, including tax, investment, and personal issues.
All trusts will have three key positions, 1) a settlor, 2) a trustee, and 3) a beneficiary. The settlor is the creator of the trust who places assets in the trust for the benefit of the beneficiary.
The trustee is assigned the duty to administer the trust according to the trust creation documents and ensure the trust's purpose is fulfilled. Finally, the beneficiary is the person or entity that will receive the benefit of the trust.
The most significant advantage of a trust is the ability to pass assets upon your death without involving the probate court process.
The ownership, or beneficial interest, will pass immediately upon your death by operation of law rather than by order of the probate court.
Other advantages include tax savings, protecting assets from creditors, financially supporting others, or making charitable donations for years to come.
Any well-designed estate plan should include a trust for these reasons and a whole lot more.
We will prepare a legal document to provide clear instructions on what should happen to all your assets according to your wishes after death. It can prevent family feuds over property and other finances.
Our professional team will ensure that a pour over will is in place to capture any assets that are not included in your living trust or that weren't transferred initially. It's always better to play it safe and make sure everything is handled accordingly.
We'll guide you in choosing a power of attorney (POA) and explain what legal decisions can be made by the person assigned. It's the best way to protect your finances, property, or medical care.
If something should happen to you and you can no longer make decisions, you'll want to make sure that somebody has your best interest at heart and follows your instructions for any healthcare needs. Our team will create the legal healthcare documents needed to give you peace of mind.
This includes Revocable Living Trust, Irrevocable Trust, Testamentary Trust, and Special Needs Trust.