Many people think of trusts as complicated legal structures suitable only for those with immense wealth. In actuality, trusts are simply a type of estate planning tool. There are a variety of types of trusts, and different types of trusts may be used to accomplish different goals. In the most common estate planning scenario, the use of a revocable living trust should be considered.
In essence, a trust is a private agreement, a contract, between a trustmaker and a trustee. You, as the trustmaker, establish the terms and conditions under which your assets and affairs should be managed if you ever become incapacitated and/or upon your death.
You can use a trust to determine the disposition of your property, much like a will. Unlike a will, however, a trust is a private agreement that is effective immediately; a will is only effective the moment you die. For example, through a revocable living trust, you may able to:
Just as there are numerous types of contracts, there are many types of trusts that a wills and trusts lawyer has to face. One of the most common types, a revocable living trust, allows you to retain control over your assets during your lifetime while also preparing for the possibility of incapacity. In certain situations, other types of trusts, such as special-needs trusts or irrevocable trusts, may be appropriate. I can advise you of the many options available to you and walk you through the advantages and disadvantages of different approaches.
At Tolison & Williams, Attorneys at Law, LLC, I can help you craft and implement a plan that is best suited to your particular circumstances. I also provide representation in trust administration as well as probate.
Based in Adams County, I have in-depth experience and a high level of knowledge regarding all types of trusts. You can rely on me for personalized, attentive legal counsel, as a experienced and great wills and trusts lawyer.
I offer flexible payment options, and accept credit cards. Please feel free to inquire about off-site visits and after-hours appointments.