A trust is used to funnel some kind of assets to a beneficiary, and the trust sets up the stipulations and information about how these assets are to be transferred.
There are a number of different kinds of trusts. A skilled advice from Meek Law Firm you will be able to understand the best option for your needs. The increasing variety of different kinds of trusts means that regardless of the unique family situation or the desires of the trust creator, there is likely an arrangement that will be suitable. READ MORE
And while there are many types of trusts with different provisions, there are several basic requirements of a trust. For example, every trust has to be created by a grantor. This is the person who wants to create the transfer of the assets.
A trustee will need to be appointed in order to manage the assets and stipulations of the trust. The principal within the trust is managed by the trustee, who assumes fiduciary responsibility on behalf of the trustee.
A beneficiary or beneficiaries will need to be put into place to receive some or all of the trust assets. The trustee is responsible for keeping contact with these beneficiaries.
Trusts can further be broken down into a few different categories: living versus testamentary trusts, trusts differentiated by their overall purpose, or a revocable versus an irrevocable trust. A living trust is one that goes into effect while the grantor is still living. A testamentary trust goes into effect after the grantor has passed away. Trusts differentiated by purpose simply refer to the goal of the grantor when placing the trust into effect. (Some examples include spendthrift trust, children’s trust and an insurance trust, which may have different overall goals and therefore different structures.) Finally, a revocable trust can be altered whereas an irrevocable trust cannot be changed.
Meek Law Firm can help you establish any of these trust options. Contact us today to get started.