If one of your heirs is a minor or a person of diminished mental capacities, you may want to consider establishing a trust. Trust funds are ideal in situations where the beneficiary of a will requires that another person to make his or her financial decisions.
What Is A Trust Fund?
A trust is a relationship that you establish with the help of a trust lawyer in which one or more persons control the property — in this case the assets you plan to leave for your heir(s) — of another for his or her benefit. Trusts are often used when an heir hasn't reached adulthood, but could also be used to benefit the ward in a guardianship arrangement. There are three parties involved in a trust including:
- The grantor — The person who provides the assets for the trust fund.
- The trustee — The person who manages the assets on behalf of the beneficiary.
- The beneficiary — The heir(s) who will receive the benefits of the assets via the trustee.
Trust funds are usually composed of liquid assets such as cash or securities, but they can also include other types of assets like real estate, stocks, bonds and items of value. Any property that is included in a trust will not have to go through probate when the grantor dies and instead can be distributed quickly and privately. Depending on the type of trust you set it up, you may also be able to receive some tax benefits.
Looking For A Trust Attorney In Cumming, Georgia?
Each state has different laws that regulate trusts, so it is advised that you seek the help of a knowledgeable trust attorney before creating a trust fund. Being a more complicated arrangement, a lawyer can help you understand all the legalities involved and make sure that your wishes are explicitly represented in the trust agreement.
If you are seeking legal advice about a will or trust and you live in the Greater Atlanta area, please call our skilled trust lawyers today. Miles Hansford & Tallant, LLC, will evaluate your case and walk you through the process step by step. Please contact our office at 770-744-1111 or through our simple contact form.