Trusts may be used to accomplish more estate planning goals than before. Whether you are looking to create a trust or need assistance administering and revising an existing trust, it is a good idea to seek advice from an experienced Manalapan Township trusts lawyer.
A trusts and estates lawyer could devise custom solutions to meet your personal needs. Before making any decisions, it is essential to understand your options and potential ramifications. A knowledgeable attorney could guide you through the process to meet your goals while fulfilling all legal requirements and responsibilities.
There is often confusion in Manalapan Township about what a trust is. A trust is not an account or asset, but a relationship. Someone establishes a trust by granting property to another person, known as the trustee, who holds and manages that property for a third party known as the beneficiary.
The person creating the trust is called the grantor. The trust itself becomes the owner of the property, but because a trust is merely an entity, it does not use or manage the property. The trustee manages the property, and the beneficiary receives or uses the property. Trusts lawyers in Manalapan Township know it can further complicate matters when they set up living trusts with the grantor, trustee, and beneficiary as the same person. There are many distinct types of trusts used to accomplish different goals. Some trusts can be changed or revoked at any time while others are irrevocable once established.
Benefits Offered By Trusts
People in Manalapan Township establish trusts for many different reasons. A revocable living trust may be set up to avoid probate. With this type of trust, an individual or couple assigns all their assets to a trust managed for their own benefit. When they pass away, the assets they own pass to successor beneficiaries named in the trust documents without the delay and expense of probate proceedings.
Manalapan Township trusts lawyers set up other types of trust to claim tax benefits, provide for special needs or expenses of family members, avoid conflict and confusion about disbursement of funds, provide for charities, protect family privacy, and to help heirs manage funds. While it is usually wise to have a will as a backup, trusts might accomplish goals with greater precision.
Administration of Trusts
When someone is named as a trustee, they take on responsibility they may not have the time or knowledge to manage on their own. A Manalapan Township trusts lawyer could help with regular management tasks or step in to assist with issues that arise.
It is a good idea for every trustee to create a plan to help ensure that they fulfill all legal, ethical, and financial responsibilities. Failure to take advantage of available opportunities or actions that incur additional expense could subject a trustee to personal liability.
Work with a Dedicated Manalapan Township Trusts Attorney
A trust should be a custom creation devised to fulfill your goals with the maximum efficiency. Before choosing a Manalapan Township trusts lawyer to meet your needs, it is a good idea to start with a consultation to learn the advantages an attorney can provide in your unique situation. Call now to get started on your case.