As a Life & Legacy Planning Attorney, one of the most common questions I get is, “What is a trust, and do I need one?” A trust is simply a legal tool used to hold and manage assets – like money, property, or other valuables – for the benefit of someone else, or even for yourself. It’s a foundational part of many estate plans because of the flexibility and protection it offers.
A trust typically involves three roles:
- The Grantor – This is the person who creates the trust and places assets into it.
- The Trustee – This is the person who manages the trust assets according to the rules laid out in the trust document.
- The Beneficiary – This is the person who benefits from the trust. That benefit could be financial support, use of property, or income from investments.
What many people don’t realize is that one person can fill more than one of these roles. For example, someone can be the grantor, trustee, and beneficiary of their own trust. This setup is common in revocable living trusts, where the grantor remains in control of their assets during their lifetime but also creates a plan for what happens after they’re gone.
Trusts offer many advantages, such as:
- Avoiding the delays and costs of probate
- Protecting assets from creditors or legal claims
- Providing for minor children or loved ones with special needs
- Minimizing taxes in certain situations
Even though trusts can seem complicated, they don’t have to be. As part of my Life & Legacy Planning process, I help individuals and families understand how a trust can be tailored to their unique goals, values, and relationships.
If you’re thinking about protecting your assets or making sure your wishes are carried out with ease, a trust could be the right tool for you – and I’m here to help you understand how to make it work for your life and legacy.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.