A trust is comprised of the following three parties:
- Grantor: You, as the owner of assets, are the grantor. Under a trust, you disperse your assets including property, money, and business interests, to anyone you wish.
- Beneficiary: The recipients of your trust are the beneficiaries. Beneficiaries don’t have to be people. They can also be an entity, such as your college, a local charity, or even your pet.
- Trustee: The trustee of your trust is the individual (or firm) that manages the trust according to your wishes, on behalf of the beneficiaries.
Under a trust, you can set stipulations as to how your assets are to be used. For example, this can include designating money to fund a college education. You can also or put certain requirements in place. This can mean, your heirs may not be able to access the bulk of the assets until they reach a certain age.
There are several things that Intrepid Law can do when setting up your trust:
- Avoid probate court, ensuring a timely dispersal of assets.
- Protect your privacy and that of your beneficiaries.
- Protect against creditors. Unlike assets bequeathed in a will, trust monies may be protected from creditors.
- Reduce estate taxes.
- Protect the interests of minor children or beneficiaries with disabilities. Trusts can provide funding for long-term care for those unable to care for themselves, plus appoint a responsible legal guardian.