A trust is like a container that holds your property for your benefit or the benefit of other people. There are many different reasons to create a trust, including:
Avoiding or minimizing estate taxes
Shielding assets from creditors
Providing for someone with special needs
Providing for minor children until they reach a certain age
Managing funds for beneficiaries who may not have good money skills
Avoiding family disputes over how assets are distributed
We can create trusts to accomplish a combination of these objectives.
Does everyone need a trust?
Your values and goals dictate whether you need a trust and what type is best for your situation. It is not true that everyone needs a trust. We can help you decide after a conversation about your wishes.
Who manages the property in my trust?
The person who administers your trust is called the trustee. You may be your own trustee, or another person or entity may administer the trust, depending on how it is set up and if you are still living. You may manage your trust while you are alive, but someone else will need to take over that role after your death. The person you name as a trustee should be someone who is reliable and has good money management skills. Sometimes it's best to use a professional trustee.