A Trust is a legal agreement, where someone holds property (Trustee) belonging to another person (Grantor) for the benefit of someone else (Beneficiary). There are many kinds of trusts that are used in estate planning to provide for spouses, children, other heirs, friends, and even pets. Some benefits of utilizing a Trust instead of a Will are that the Probate process can be avoided, meaning that the time, expense, and publicity associated with Probate can be sidestepped.
Trusts also provide a great deal of flexibility with how your property can be given to heirs, such as only after a certain age is attained, or only for health, education, maintenance, and support. Certain trusts can also provide for asset protection from creditors.
Using a Trust, or multiple Trusts, is also an effective way to address potential estate taxes, gift taxes, and other implications for beneficiaries.
Contact The Schwartz Law Firm to develop a custom plan to help you carry out your wishes with your property in an effective and comprehensive manner.