Trusts

Trusts

A trust is a fiduciary agreement that allows a party, the trustee, to keep assets for one or more designated beneficiaries in the trust. There are a variety of ways that a trust can be established as to when and how the trust assets will pass to the beneficiaries.

The creator of the trust, the settlor, will designate a trustee and transfer all his/her assets to the trust to be managed by the trustee. The trustee’s duties include managing the trust, acquiring new assets for the trust when required, and administering the trust assets according to the settlor’s wishes indicated in the trust document.

Many people will use a will for their assets so that their assets will pass to their desired heirs with no problems. However, some choose to place their assets in a trust.

Before deciding which to choose you should consult an attorney to see which fits your needs best. Please call our office today to schedule a consultation.

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