A trust involves a fiduciary relationship between the party establishing the trust (the trustor) who gives his or her property to a third party (the trustee) who will then hold the property for the benefit of another person (the beneficiary). Trusts are established to preserve assets and ensure distribution according to the trustor’s wishes. Trusts can be good vehicles to handle family land (like family farms or lake property) and to care for incapacitated beneficiaries.
Duncan & Associates, PLLC’s attorneys can provide you with the information you need to make an informed decision concerning a trust. Trusts are not one size fits all and trusts are not the best choice for everyone. A good estate planning attorney can look at your situation and make recommendations as to whether a trust would be a good choice for you.