Many people are familiar with the term, “trust” from “trust fund.” A trust may seem like a tool for the wealthy, but if properly understood it can be effectively utilized by anyone.
Similar to a will, a trust is a contract between the one giving the assets—the grantor—and the individual or individuals receiving the assets, called trustees. In most cases, a trust is used to avoid the process of probate.
In the probate process, the assets of the grantor are distributed and debts are settled. A trust is useful because it holds assets aside from the probate process to be doled out at a later event or under specific conditions. By avoiding the probate process, trustees do not have to go through the courtroom and probate judge.
Trusts have three main benefits.
- These controls allow the grantor to protect and distribute their assets to their specifications.
- The trust prevents heirs or debtors from collecting assets you don’t want them to receive.
- Possessions distributed through trusts are not a matter of public record and can provide privacy to grantors who would rather their probate not be public knowledge.
If you are looking to establish a trust to give assets to a charity, a friend or for your family, your best outcome will be achieved with the assistance of a Trusts & Estate attorney. An experienced Trusts & Estate attorney can effectively help you establish a trust that meets all necessary requirements of the local and state regulations. The best place to find an effective Trusts & Estate attorney is at Attorney at Law.
At AAL, our nationwide network of attorneys and law firms can match you with a local Trusts & Estate attorney who has the experience and legal expertise to create effective, watertight trusts for you and your family.
Don’t wait. Contact AAL today for a free, no-obligation consultation and begin your journey to financial security.