Trust: A trust is a relationship in which one party holds real or personal property for the benefit of another beneficiary. A trust is a legally recognized entity by statute, permitting real and personal property to be titled in the name of the trust. When an individual establishes a trust, he or she in doing, in advance, the work that the probate court would do at his or her death. When an individual transfers his or her property to trust, that individual is transferring title out of their name, and into the name of the trust. Under the terms of the trust, the real or personal property will then be transferred to the trust beneficiary or beneficiaries at the death of the grantor. The probate process can be bypassed through a properly funded trust. In addition, there are tremendous estate tax and asset protection advantages that can be derived through a properly formed revocable or irrevocable trust.
[See Estate Planning]. Our firm can promptly prepare wills, trusts, and other documents necessary to assist you or your family members to ensure that your estate is protected. We will advise you whether a trust is appropriate in your circumstance, and can answer your questions regarding how to deal with your property, family members, or pets upon your death.