Trusts are alternative legal documents to wills, and they go into effect before death or at incapacity. Usually trusts avoid probate and individuals can remain in control of their assets. Assets and titles are transferred from an individual’s name to the name of their trust. Legally, you no longer own these items – however your trust does.
Some items that can be transferred to trusts are:
- Real estate
- Materials items like jewelry and art
- Beneficiary designations
After a trust is established containing these items, a trustee is selected to manage these assets. This can be you, a corporate trustee (bank or trust company), or an individual.
Many individuals choose corporate trustees so there is more objectivity and experience in regard to investments. If you have chosen to manage the trust yourself, a named successor trustee or co-trustee will gain control after death or if you become incapacitated.
This means the court will not gain control of your possessions and can’t make important decisions for you regarding inheritance, which can occur during probate after a will is enacted.
Assets can stay in your trust after death while being managed by your trustee. This allows loved ones, minors, or those with special needs to be cared for longer than they would if only a will exists. There are various types of trusts that can be established depending on your wants, including:
- Testamentary trust
- Irrevocable life insurance trust
- Charitable lead trust
- Charitable remainder trust
- Generation-skipping trust
- Grantor Retained Annuity Trust (GRAT)
Understanding which type of trust best suits your needs can be complicated and requires experience: our attorneys have that skill. Gain peace of mind and know your property is protected by creating a trust for you and loved ones.
Prestidge Law Firm Can Help
Trusts are always handled confidentially and avoid court-controlled inheritance. Remain in control and make sure your assets and property are dispersed the way you intended.
Always be prepared and contact the lawyers at Prestidge Law Firm by phone at (405) 577-7703 or by filling out our online contact form.