A trust is created for the purpose of allowing a selected individual, known as the trustee, to hold and manage assets for a purpose that is specified by the trust creator or settlor in the trust document. The assets no longer belong to the settlor but belong to the trust. The trustee can only use and distribute the assets in accordance with the terms stated in the trust. A knowledgeable estate planning attorney at McLeod Law Firm in Gainesville or Braselton can help guide you through the complexities of trust law.
What are the different types of trusts?
There are a number of different types of trusts, which include the following:
Living trust: Created during the settlor’s lifetime through a trust document.
Testamentary trust: Created after your death through the operation of your will.
Trusts also can be revocable, which means that you can change your mind about the terms, or irrevocable, which means that you cannot make changes in the terms or take back the assets placed in the trust.
When should you use a trust?
Why would you consider creating a trust? If any of the following examples are applicable to your situation, you should seek legal advice about whether to create a trust.
A trust can hold assets so that a beneficiary does not receive the assets before they are responsible enough or old enough to know how to handle money or other assets.
A trust can avoid probate where you own property that you do not wish to have go through the probate process.
A special needs trust can hold assets so that a beneficiary who is infirm or incompetent will have the benefit of a trustee to administer the assets for the benefit of the beneficiary.
A properly executed irrevocable trust can hold assets for an individual so that the assets are exempt from liens.
A pet trust can hold assets for the care and maintenance of a pet.
The McLeod Law Firm can guide you through the process of planning and implementing a trust to accomplish your goals.
Contact a dedicated Gainesville trust attorney today
McLeod Law Firm provides unparalleled legal services to clients throughout North Georgia. Call (770) 536-0202 to discuss your case with an experienced lawyer in Braselton or Gainesville today.