A trust is a legal entity that holds property or money for the benefit of another person or entity. You have no doubt heard about the children of very wealthy people who have a trust fund. Trust attorneys oversee these types of funds until such time as designated by the person who set up the trust. Trust attorneys are also skilled in estate planning, probate matters, guardianships, and other types of estate law.
A trust attorney can help you determine what type of trust you would like to set up. It can go into effect upon your death or at another time you wish. For example, many children “come into” their trust when they turn twenty-one. In many cases, the reasoning behind this is that they will be more mature to handle such funds. Trust attorneys can prepare and file all the paperwork so it is in place, should you become incapacitated or die.
A living trust is somewhat different. It becomes in effect only after you die and specifies a division of your assets as you wish. It prevents your beneficiaries from ending up in probate court. A trust attorney can help you determine how you want to divide your property and make sure your wishes are carried out. A living will is different from a living trust, as it deals with your wishes concerning your medical care. Trust attorneys can also help you with these documents, too.
A trust attorney can explain all of the laws regarding trusts in your state and how they might affect you and your beneficiaries. It’s best to schedule an appointment with a trust attorney as soon as possible, just in case the unthinkable should happen.