Why Create a Trust?
Trusts provide substantial advantages that extend beyond simple estate planning.
At the most basic level, a trust is simply someone managing assets for the benefit of someone else. A trust needs someone to establish it (know as a grantor, settlor or trustor), an asset to manage and a beneficiary. Trusts can be simple or very complex. Trusts are appropriate in a wide variety of situations for clients of all levels of wealth.
Do I Need a Trust?
Schedule a consultation to discuss the merits of a trust for your family.
Consultation Is Key
Our personalized consultations ensure that every trust we create is ideally suited to our clients’ needs. Contact us today to discuss how a trust can help fulfill your estate planning objectives and provide for your loved ones.
Special Considerations for Trusts: Managing Assets for Vulnerable Beneficiaries
When planning your estate, it’s crucial to consider the specific needs and abilities of those you intend to leave your assets to. Trusts are especially beneficial in situations where beneficiaries may not be able to manage their assets effectively due to age, disability, or other personal challenges.
Supporting Beneficiaries with Disabilities
Trusts are invaluable for providing for a beneficiary with disabilities. This includes not only those legally recognized as disabled but also those who, while not legally disabled, might struggle with managing assets due to mental, emotional, or developmental issues. A Special Needs Trust, for example, can ensure that a loved one continues to receive the care they need without compromising their eligibility for public assistance programs.
Addressing Incapacity Due to Dementia or Alzheimer’s
For beneficiaries who may be incapacitated due to conditions like dementia or Alzheimer’s, a trust is a critical tool for asset management. By establishing a trust, you can appoint a trustee to manage your loved one’s financial needs in a manner that accounts for their health and ensures continued care and stability as their condition progresses.
Addressing Addiction Concerns
If a potential beneficiary has addiction issues, a trust can be structured to ensure that the inheritance does not exacerbate these problems. By specifying how and when distributions are made, a trust can provide for their welfare without providing direct access to substantial sums that could be harmful if misused.
Protecting Young Beneficiaries
Young people, particularly those under the age of 25-30, are unlikely to be ready to manage assets until they mature.
A trust is a critical tool to help preserve assets for the benefit of a young person, until he or she is capable of managing finances.
The Process of Creating Your Trust
Initial Consultation
Our process begins with a personal consultation to understand your unique situation and objectives. To get a true understanding of your needs, we will ask you to complete our Estate Planning Intake Form.
Tailored Trust Design and Drafting
We design and draft a trust that reflects your specific wishes and legal requirements.
Review and Adjustments
- Together, we review the drafted trust, making necessary adjustments to ensure it fully aligns with your intentions.
Finalization and Funding
We assist in properly funding the trust, ensuring your assets are correctly aligned with the trust’s provisions.
Ongoing Support
As changes occur, we are here to update your trust to reflect new circumstances or goals.
Consult Our Trust Experts
Your family’s trust requires counsel that understands the intricacies of trust laws, so that your trust will be tailored to fit your situation. Contact us today to discuss how we can help structure a trust that meets your unique family needs and ensures that your assets are managed with wisdom and compassion.