When you have a valuable estate, it is important to protect those assets by establishing a trust to manage your estate. Some trusts are set up by the grantor, the person who established the trust, to continue to protect their own interests or that of a survivor until they die. One objective is to avoid probate court where your estate may be distributed in a manner that might not follow your wishes. As long as you have set up a trust document, the estate is protected and can be used and passed along to beneficiaries in accordance with your desires.
Your attorney can fully explain the procedures and requirements of a trust in your state jurisdiction. Normally, when the estate owner dies or is incapacitated, if there is a trust, it will have court supervision to ensure that the estate is handled properly and with fairness to heirs. Trusts can also be revocable, which allows for changes or cancellation as long as you are living.
Will My Will Be Probated?
When you are establishing your Will, you can name beneficiaries who will inherit portions of that estate, and you can designate your Executor of that document. If you do not name someone to serve in this capacity, or if they are unable to perform required duties, the court may name an Administrator to do the job. There may be one or more Executors or Administrators named, depending upon the size of the estate.
What Concerns Should I Have When Setting Up a Trust?
- Naming your Trustee is extremely important. You may wish to appoint your banker or other professional fiduciary instead of a family member, especially if there is any possibility of conflicts within the family among members. You need someone who will act on your behalf to manage the estate in the best interests of all beneficiaries.
- Make sure that you have all relevant documents in one accessible place. If you have these papers locked in a bank box, make sure a trusted person is named as having access to the box and has a key. If there is not an alternate named to access the box, the representative of your estate can only access the box to make copies of wills or trusts.
Our law firm is experienced with all areas of trusts and estate matters. We can help you determine the best legal process to use to manage and preserve your assets, before and after your passing. Don’t delay in consideration of a trust; your estate may be very worthy of having a trust established. We are always interested in helping clients achieve the best results in this and other legal issues. Call today to set up a consultation about your financial planning.