What is this ‘Trust’ business about?
Trusts have been gaining popularity for years as a way of managing assets, both during a person’s life and after death. You can think of a trust as its’ own entity that separates beneficial and legal ownership. A trust has three separate players, some of who can be the same. To establish a trust, you will need a settlor, trustee, and beneficiary.
The settlor of the trust can be thought of as the donor, or the individual that donates the corpus (property) to the entity trust. The trustee is the individual or entity that manages and/or facilitates the direction of the trust, usually for the beneficiary. The beneficiary is the individual and/or entity that receives the benefit of the corpus (property) of the trust.
There can be many advantages of creating a trust, such as the following: control over your property, tax savings, managing and/or caring for children, privacy, and probate avoidance. There are many more advantages of using a trust, and they can be used in a myriad of circumstances.
None of us know what the future holds, but if you are ready to prepare for yours, consider contacting us to discuss the options that will be best for you. We can be reached at 336.633.4529.
Please do not consider the above statements as legal advice for your specific situation. Always seek the advice of an Attorney to address your specific situation.