If one of your heirs is a minor or a person of diminished mental capacity, you may want to consider establishing a trust. Trust funds are ideal in situations where the beneficiary of a will requires that another person make his or her financial decisions.
A trust is a relationship that you establish with the help of a lawyer in which one or more people control the property of another — in this case the assets you plan to leave for your heir(s) — 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:
- 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 up, you may also receive some tax benefits.
Jonathan C. BeardAttorney & PartnerJonathan joined the firm in 2014 and is a graduate of Reinhardt University, Kennesaw State University, and the Thomas Goode Jones School of Law at Faulkner University. As a partner at Miles Hansford and Tallant, LLC, Jonathan's practice primary focuses on ...
Lauren C. GilesAttorney & PartnerLauren Clipp Giles joined Miles & Tallant, LLC in 2009. Her primary practice areas include landlord/tenant law (both negotiating transactions and landlord/tenant litigation), real property disputes, zoning litigation, contract and business litigation, and ...
Brian A. HansfordAttorney & Founding PartnerBrian Hansford is one of the founding partners of Miles Hansford & Tallant, LLC. With over 15 years of experience, he is the leading criminal defense attorney at the firm and has successfully represented clients facing DUIs, drug violations and felonies, ...
Jonah B. HowellAttorney & PartnerHowell joined Miles Hanford & Tallant, LLC in June of 2016. As a Partner with the firm, his primary practice areas are civil and probate litigation, corporate and business representation, estate planning and local government law. Jonah is a native of ...
Kevin J. McDonoughAttorney & PartnerKevin McDonough, a Partner at Miles Hansford & Tallant, LLC, focuses his practice on three areas of law: Family Law, Business Law, and Wills and Estates. He works closely with his clients to help identify the goals that are most important to them and then ...
Deborah Anice PittmanAttorney & PartnerDeborah Anice Pittman joined Miles Hansford & Tallant, LLC in 2016 and is now a Partner in the firm. Her primary practice areas are family law and criminal defense; however, she also handles general civil litigation matters and is a certified civil and ...
Joshua A. ScogginsAttorney & PartnerJosh Scoggins has extensive experience representing clients in real estate related matters including purchase and sale transactions, real estate development, construction law, commercial leasing, easement acquisition, utility issues, title disputes, ...
Kevin J. TallantAttorney & Founding PartnerKevin Tallant is a Cumming, Georgia native, and is one of the founding partners of Miles Hansford & Tallant, LLC. His primary practice areas include local government law, contract and business litigation, probate litigation, and real property law. Kevin ...
J. Ethan UnderwoodAttorney & PartnerEthan Underwood practices in the fields of land use, real estate, and property tax law, representing developers, as well as individual property owners. He has negotiated numerous zoning and development actions and advises clients regarding environmental ...
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.
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