What You Need to Know
Trusts are not only for the wealthy, and not everyone needs a trust. There are different types of trusts for different purposes.
A trust can be established and all of your nonretirement assets transferred into its ownership immediately, or it can be established as a Standby Trust, ready to receive assets if the Settlor becomes disabled. In such cases, someone needs authority to transfer the assets into the trust. This usually will be the agent under a special durable power of attorney granting the specific power to transfer assets to a trust.
Trusts are governed by law and should be written so that they meet your specific needs and preferences.
The Benefits of Hiring a Trust Law Attorney
Whether you have a small or large estate, our attorneys can help you determine what type of trust is best for you and what you can put in it. We can also explain any potential tax implications and legal formalities relating to the trust to ensure that your estate is protected. We can also advise you on the best avenues to take to protect your assets for the best interests of your beneficiaries and family.