The firm has extensive experience in preparing numerous different types of Trusts. A Trust is a legal tool which provides for the management of property for a beneficiary. A Trust may be formed for any legal purpose including probate avoidance, money management for someone, creditor protection, disability planning and to qualify or stay qualified for government benefits. The most common type of Trust is the Revocable Living Trust.
A Revocable Living Trust allows someone or a couple to manage their assets while they are alive and well. Also the Trust should allow for the assets to be managed and protected if the Trust creator became disabled and for the distribution of Trust assets upon death. A properly worded Trust will avoid the need and substantial cost for a Conservatorship proceeding in Probate Court over Trust assets if someone is disabled. Similarly, a Trust will avoid the costs of Probate for the distribution of Trust assets upon death of the person(s) who created the Trust.
A Revocable Trust for a person or couple with a child or children typically provides for money management of assets upon the death of the parent(s) for the child’s benefit. The parent selects an age when the child gains control of the asset and prior to that time the assets may be spent for the child’s health, education maintenance and support. The assets are protected from creditors. The Trust should also contemplate and provide for hypothetical situations such as a child predeceasing a parent and the predeceased child having had children of their own.
The Revocable Trust is managed by a Trustee selected by the person or persons creating the Trust. Typically the person who creates the Trust is the Trustee. A Successor Trustee or co Trustees must be selected by the person who creates the Trust. The Successor Trustee will manage Trust assets as instructed by the terms of the Trust. The person creating the Trust selects the terms under which assets are managed if they became disabled, and for the ultimate distribution of Trust assets on death. That is, who gets how much and when they get the assets.
There are many other types of Trusts which the firm regularly prepares depending on someone’s particular needs and goals. Typical situations include the avoidance of estate or inheritance taxes, asset protection if a spouse is in a nursing home, maintaining or qualifying for government benefits for a disabled or special needs child, Trusts to address a second marriage where one or both parties has children from a prior marriage or relationship and, even, Pet Trusts.
With over 25 years of experience the firm can advise clients’ on the most appropriate and affordable Trust for their circumstances which will provide them with peace of mind and protection for their loved ones. Please contact our office to schedule an appointment to establish a Trust and other necessary estate planning documents.