What are Trusts?
A trust is an agreement that allows for a third party to hold assets on behalf of a beneficiary. He or she can turn over all or some parts to the trustee as part of the agreement. Most trusts are composed of trustors, donors, settlers, all who have a written declaration of trust which establishes terms and conditions for the agreement. The written declaration also names the original trustee, and names of future trustees. A trust is a legal relationship between one person and the trustee(s), having equal ownership or management over certain property or assets. This agreement can and may be enforced by a court of law.
What is the Purpose of a Trust?
The primary purpose of a trust is to retain control of assets even after death. You can pass your assets to your beneficiaries through a trust and they will receive the asset when you die. Trusts avoid probate and beneficiaries gain access to assets more quickly than transferred by will. Some benefits include:
- Protecting your Estate: A trust can protect your estate from beneficiaries who are unable to manage your finances.
- Privacy: Probates can be publicly accessed. Trusts allow assets to remain private.
- Save time: Assets in trust save time, and they allow access to assets more quickly and avoid court fees.
At LPLG Law, let our skilled team assist you in the process of setting up a trust that will ensure you and your loved ones receive the assistance they need for years to come. For more information, please fill out our contact form.