Tag Archives: Trust
Trust Attorneys
Planning your estate can be one of the most important tasks that you may have to do in your lifetime. This task ensures that you and your loved ones will be protected in the event that anything should happen to you. Creating a trust can also allow you to benefit from it during your lifetime, while protecting your assets. However, a task like this will usually require the assistance of a trust attorney. Creating trusts is a complex task and contrary to what online forms tell you, it is best to hire a trust attorney who is well-versed in the field to carry out this task for you. When deciding to create a trust to benefit either yourself or your loved ones, it is always best to retain the help of a trust attorney. Trust Attorney can help to ensure that your assets will be protected and that your intentions for the trust will be communicated successfully, in the case of an irrevocable trust. Although, it may be tempting to try a do-it-yourself legal form that you may find online, trust attorneys can help navigate and guide you through the process of creating the trust. Planning your estate is … Continue reading
Wills and Trusts
Wills and trusts are two different legal forms of transferring property. Because of their seemingly subtle differences, many people tend to get wills and trusts confused. Although wills and trusts are two forms of transferring property legally, their differences extend way beyond what they have in common. To diffuse some of the confusion surrounding wills and trusts, it is a good idea to find out a little more about each. A trust is a legal entity or person that can hold title to property for the benefit of one or more other persons or entities. In the creation of a trust, there are three parties involved. These parties are the creator of the trust or the trust maker, the trustee who is responsible for the managing of the assets in the trust property (assets), and the beneficiaries who are those who will benefit from the trust property. The basic concept in trusts and wills are that property will be transferred from one party to another and that is what is happening here essentially. However, because the process and very nature of trusts and wills are so different, the advantages and … Continue reading
Types of Trusts: Irrevocable Trusts and Revocable Trusts
A revocable living trust, also called a revocable trust or a living trust, is a type of trust that can be changed at any time. The terms of the trust can be modified through a trust amendment, and you can also retain the option to revoke the entire agreement or change the contents of the agreement through an amendment or restatement. The advantages to having a revocable trust is mainly economic. Having a revocable trust will allow the trust property to be passed down to the beneficiaries, upon the grantor’s death, without having to go through the probate process. The probate process can be one of economic inconvenience as it requires you to pay court and legal fees. In addition to that, it could be a time-consuming process, ranging anywhere from a few months to a few years. Having property transferred through a revocable trust can help to avoid the whole process. Revocable trusts are also used because they maintain the privacy of the trust agreement. Unlike a will, which becomes a part of the public record, accessible by anyone, every aspect of the revocable trust remains private so that the estate, fiduciary, and beneficiaries of the trust can all … Continue reading
Trusts
With all the legal terms that involve passing property down to another person, it can become quite confusing. There are wills which most people know of and that many have created. Then there is the trust. This type of property transfer is a little bit different than a will for many reasons. It is not as widely known as the will and is used less often than the will is. For this reason, it is not surprising, that many people do not know what a trust is. A trust can be very useful and practical in life. For times when it is not appropriate to transfer property through a will, a trust may be a more practical method of doing so. But with all this said, there is still a lot of uncertainty surrounding trusts. Because of it’s practical value, it is a good idea to learn a little more about what a trust is, and what it can do for you. A trust is a legal entity that can hold title to property for the benefit of one or more persons or entities. The person who creates the trust is called the Creator. The person who is responsible for … Continue reading
Living Trusts
Living trusts are a legal entity that has gained popularity in recent decades. It often seemed useless to many of those who were not very wealthy, so many people may not even know what a trust is. However, in recent years, more and more people are creating living trusts as a way of managing their estates in a manner that is considered to be more economically efficient. In addition to being able to transfer property before you die, it also avoids the hassles of going through the court which is called probate. Probate is often a lengthy, and thus, costly process. Therefore, many seek to avoid it. A trust is a legal entity that can hold title to property for the benefit of one or more other persons or entities. There are three parties that are named in a trust. The person who creates the trust is known as the creator. The person who is responsible for managing the trust and who has complete control of the trust is the trustee. The person who is to benefit from the trust is the beneficiary. Quite often, the creator and the trustee is the same person. Other times, the trustee and the … Continue reading