Most simply, a trust is one person holding something for another. There are many types of trusts which range in complexity, but a revocable living trust is the most common type of trust employed in a standard estate plan.
If we decide a revocable living trust is appropriate for your estate plan, we will assist you as needed in titling your assets in the name of the trust. If set up properly, a living trust should avoid the need for a probate proceeding to distribute your assets at your death. It will also allow for a more seamless transition to your successor trustees and protect you from exploitation upon your incapacity.
If a more complex trust is appropriate, we will identify and assist you with your options. For example, a special needs trust may be necessary for a disabled person who receives significant property to stay qualified for public benefits. Additionally, many of our wills contain Testamentary Trusts, which only go into effect under specific circumstances at your death, often to manage and protect the shares of children or young adults.
In addition to drafting trusts, we also assist with trust administration once the creator (“Grantor”, “Settlor”, or “Trustor”) of the trust becomes incapacitated or dies. We advise the successor trustee on distributions to beneficiaries, registration of the trust, collecting and handling assets held by the trust, tax considerations, and other important issues.