What Qualifies me to Set up a Trust?
A trust is normally associated with diverting an estate inclusion for certain personal assets that are being left by a decedent. The only standard qualification for setting up a trust is owning financial assets to include in the trust, as a trust is always concerned with money. It is important for anyone to understand that it not necessary to be very wealthy to establish a trust. Furthermore, there are several types of trusts that may work better for those with nominal amounts of money that they would like to see handled responsibly after their death.
One of the primary benefits of any trust is that will not be vulnerable to taxation when it is worded correctly. In many cases, this is the primary purpose. This component of a trust is a good reason to call Attorney John I. Peters, an estate attorney who can craft the trust in a protective manner. Additionally, the decedent will still have a say in how the money is disbursed, such as making certain stipulations, as there is no requirement that the decedent still be alive for the trust to be enforceable. The trustee still has a fiduciary responsibility to the trust originator.
Living irrevocable trusts are also a good choice for individuals who want to leave a specific amount of money to a specific individual that pass outside of probate. This can include will contests as well as taxation. Once the trust is established it cannot be changed, but stipulations can still be added to the use or release of the monetary funds.
It is important for anyone considering implementing a trust of any type to understand that entries into a will that conflict with established trusts can also establish standing to sue from other individuals who may have a claim to the decedent’s assets. The court will need to determine in probate which legal instrument is actually enforceable, so always make sure that the trust is compatible with any established will.
Balancing inheritable assets with various legal instruments is usually the most efficient method of ensuring that your wishes are met after passing, but there is no standard qualification other than understanding the final result. Always make sure that the last will is accurately dated and includes exclusionary wording for all previous wills, as well as language that excludes any contradictory possibility.
Call Attorney John I. Peters, an experienced Probate Attorney today at 740-927-3858 to help you through the process!