Trusts
A Trust is a legal document in which a Grantor has the Trustee hold assets on his/her/their behalf for the beneficiaries of the Trust. Often the Grantor is the Trustee during the lifetime of the Grantor. Trusts can be arranged in a variety of ways and can be very specific on what assets wills pass to whom and when they will pass. Trusts are beneficial because it can avoid probate and can provide more control of the assets after the Grantor passes away. Trusts are also beneficial because it provides privacy to the Grantor upon their passing. While wills are admitted to probate with the Court and part of the public records, Trusts are not generally a matter of public record.
There are a variety of Trusts that Generations of Trust can establish to help clients meet their specific needs including: Revocable Living Trust Agreement, Irrevocable Living Trust Agreements, Special Needs Trusts, Charitable Remainder Trusts, Charitable Lead Trusts, Testamentary Trusts, and others.
At Generations of Trust, we review each situation, educate our clients on their options, and strategize a plan/trust that would best suit each individual situation.
Related Posts
Trusting your Trustee
Trusting your Trustee (or Personal Representative) can be one of the hardest parts of setting up your Estate Plan. You want to make sure that it’s someone who is financially responsible, organized, and will carry out your final wishes. Typically you are the Trustee...
How Often Should You Review Your Estate Plan?
I am often asked how often a client should review their estate plan. I recommend (and offer) a complimentary review with existing clients every two years – definitely every five years. Often, however, we go through the process of planning, creating, and executing our...
To Trust or Not to Trust
One of the most common questions I’m asked is “Do I need a Trust?” There is not a one size fits all answer to that question. Some people it is very clear and recommended. However, most people are in a gray area as to whether they need one. A Trust is rarely a bad...