What Is A Trust?
Trusts can be created for a variety of reasons. Some people create trusts to avoid the necessity of a probate. Trusts can also be created to preserve assets for future generations. A trust can be a useful tax planning tool and can also provide direction for final medical care. A trustee is named in the document and acts in the best interests of the named beneficiaries. Trusts can provide for efficient and expedient disposition of an estate, and the terms included should be drafted carefully so as to carry out the intent of the person making the trust.
Benefits to a trust rather than a will include:
- Disposition of assets upon death without the necessity of probate
- Making provision for care of children and other heirs
- Maintaining a degree of privacy regarding your estate and its distribution
- Clearly setting forth your wishes regarding medical care
Once you establish the trust, it must be funded. This involves transferring the title to property to the trust and setting up accounts that bear the name of the trust as the owner. All assets you place into the trust are overseen by the trustee, for the benefit of those you name as beneficiaries.
Developing a trust document requires an experienced attorney. If you are considering creating a trust, call a Bethesda trust attorney. We will guide you through the options and give you a crash course on what topics are well suited for trust disposition. Your first appointment with our office is a free one-hour consultation.