Trusts

Easily Leave Assets in Trusts for Your Loved Ones

Leaving assets in trusts means that you are legally granting passage of the rights over the asset and its dividends to a specified beneficiary. But what is a Trust? A trust is essentially an agreement between you, the creator of the trust, and a Trustee, the person who controls the trust, to hold on to property or assets for a recipient. There are many names and forms that a Trust can have, but what they all have in common is that the Trust owns the assets, and your beneficiaries can get the assets without having to go through probate.

Trusts can also affect you if you are still alive and specified conditions are met. Most times, a Trust that you create will have you as the primary beneficiary, with another person listed as the beneficiary once you have passed. So, in those cases, you can use your own trust money to help support yourself if needed. You can also create more than one Trust for different beneficiaries and different purposes that your Elder Law Attorney may recommend once you meet them.

When you have created a trust, you can give specifications regarding the purposes for which it may be used and certain conditions that must be met for a distribution to occur. Another important specification regards the age at which the beneficiary can assume full control or even receive any assets from the trust. And, if you wish, the trustee you assign can remain in control of the trust and administer it as specified. That is the beauty of the Trust document. It is so customizable and gives so much control over the handling and distribution of assets after your passing. No other Estate Planning document gives you such control for generations to come.

Getting a competent trust attorney is very important so you can easily go through the process. At Stempien Elder Law, we provide the best counsel when you want to put assets in a trust. We help you plan and manage trusts and can serve as impartial, lifetime trust advisors if you wish. This can be valuable, especially if the trust is intended for a disabled person who cannot manage assets or may be a recipient of specialized benefits that we want them to continue to receive.

We are experts in trust planning and management. Please arrange an appointment with us today to get expert advice and begin the process.