Many people have heard of trusts before, but don’t quite understand exactly what they are. The most important thing to know about a trust is that it is not a will. A will is a legal document that allows you to say what you would like to happen with your personal assets upon your death. However, a trust is a legal document that can take immediate effect. Additionally, a trust is a private document, unlike a will which is filed with the probate Court.
A trust gives legal title of your property to a person or entity you chose (trustee). This trustee is then charged with keeping the property for the benefit of the person you wish (beneficiary). In order to have a valid trust you must have a trustee, a beneficiary, intention, and identifiable property. Once you have these items, a written trust is drawn up by an attorney and your trust is formed. There is no need to go through the Courts to create or validate your trust.
Trusts are often formed to:
- Protect property
- Ensure privacy
- Avoid the probate process upon death
- Manage your assets
Contact the Law Office of Christine M Bechtold at 770.466.2700 or at Christine@Bechtold-Law.com now to discuss setting up your trust today.