Trusts are an essential element of an estate plan.
If you are a senior and are looking for ways to distribute your property and assets, then you may be interested in creating a trust.
A trust is basically composed of three members: the trustee, the grantor, and the beneficiary. However, sometimes the grantor and the trustee are the same person.
The grantor is the person who is in charge of organizing, assembling, and creating the trust.
The trustee is the person who is in possession of the property or assets that will eventually be given to the intended recipient, or the beneficiary.
The reason that trusts are so valuable to estate planning is because when a grantor establishes a trust for a beneficiary, and hands over that property or assets to the trustee, the original owner no longer owns the property. The owner basically transfers their property to the trustee, allowing them to dictate how the beneficiary will be allowed to use the property or assets.
Trusts also allow seniors the ability to control their finances, property, possessions, and assets and ensure that they are used in the manner that the owner intends. Another advantage to creating trusts is the fact that these can be used to help defray taxes.
Since state law governs all trusts, it is imperative that all trusts are established under the expertise of an experienced lawyer. If you would like to establish a trust you should contact a lawyer as soon as possible. He or she will guide you through the process and ensure that you create a trust that meets the requirements set forth by law.