A trust is a way of managing the assets that you plan to leave to your beneficiaries. That’s the basic concept but there are several ways to improvise a trust, depending on your individual circumstances. A “living trust” for instance, gives you access to your assets as long as you live then hands them over to your beneficiaries after your death. You will assign a representative to see to it that your assets are disbursed according to your wishes.
The representative you choose will be in charge of investments, taxes, and keeping you and the beneficiaries updated as to any changes in the status of the trust. Depending on the way your trust is set up you may name yourself as trustee and designate a successor trustee to take over affairs after your death. You can also specify that he take charge in the event that you should become incapacitated.
Making the choice of who will assume control over your trust should not be taken lightly. It should be someone with the skill and experience necessary to manage your estate with objectivity. A family member or close friend of the family is not often the best choice.
Some people choose a living trust over a more traditional will in order to maintain privacy. A will must be filed in probate court and once that happens it becomes a public document for anyone to access. There are any number of reasons why you – and the inheritors of your estate – would prefer to keep such private information private.
There are many factors associated with the different types of trusts available today and many reasons for having one. Consult an attorney whose speciality is in the field to be sure that your final wishes are properly documented.
Parker Lawyers was established in 1987 and has continued to serve their clients well throughout the years. Call our offices @ 303-841-9529 for professional consultation.