Most individuals who have come across the term “Trust” wrongly assume that this is limited to those of high-asset wealth. Nothing could be further from the truth. Trusts are an intelligent tool for those wishing to avoid matters of probate as a strategy to ensure that their last will and testament are followed through.
A Will becomes enforceable after one’s death but a Trust is an instrument that can be enforceable during your lifetime. A Trust is a legal instrument by which you can retain your properties and assets (living trust) and is later passed on to your beneficiaries. After one is deceased, the process of facilitating the Trust moves onto administration via a Trustee that you will have already designated. It will then go through a court administration.
You have the opportunity, through a trust, to designate more than one trustee and they will maintain and manage the trust according to the guidelines that you have established. One or more trustees whom you choose are designated to manage the trust in accordance with the guidelines that you establish.
Learn more about how a Trust can help your family. Call Rachel Mirsky today.