A trust is a fiduciary relationship between a grantor (the person who establishes the trust) and a designated trustee. The appointed trustee has the right to hold title to the grantor’s assets and property for the benefit of a designated beneficiary or beneficiaries. A trust can include a family business, insurance policies, real estate property, and financial resources, such as checking or savings accounts. Forming a trust allows you to be explicit with who your assets are distributed to as well as when and how they are distributed. Typically, trusts are formed to avoid probate, protect the privacy of your will, and ensure that your assets go directly to the designated beneficiaries.

Ultimately, there are two types of trust: revocable and irrevocable. A revocable trust can easily be changed once created and can be canceled at any time, but it is still subject to estate tax. An irrevocable trust is permanent and cannot be changed once created unless the appointed beneficiaries agree and sign off on the changes, but it isn’t subject to estate tax. Neither is necessarily better than the other and, in truth, which one you choose depends solely on your specific needs and circumstances. But how can you be sure you’re picking the right strategy to protect your assets?

Hiring a trust lawyer can help you set up a trust and choose the right one. You can also name your lawyer as the designated trustee, making them the legal administrator of the trust itself. However, that’s only part of what a trust planning lawyer can do for you.

When it comes to wills and trusts, every person has a unique set of goals, preferences, and priorities, and trust laws are no easy thing to navigate on your own. Working with a legal professional can help you ensure that the trust is valid, inform you of your trust estate planning options, and help you protect the assets you want to include in your trust.

If you want to protect your assets from the probate process, safeguard your financial resources and ensure your final wishes are appropriately enacted, contact Northern Legal today. We’ll put you in contact with one of our experienced, dedicated, and accomplished trust lawyers so that you can get the legal counsel you need to guide you through the trust process and protect your estate.