What is a trust?
There are two basic types of trusts, testamentary and living trusts (living trusts are also called inter-vivos trusts). A testamentary trust is created in a person’s last will and testament. Within the will, an amount of property is set aside with a person to oversee it, the trustee, and a person who will receive the property, a beneficiary. Meanwhile, a living trust is constructed when the person funding the trust is still living. A living trust can be either a revocable or an irrevocable trust.
The difference in both types of living trusts hinges on whether the assets within the trust are still within the control of their original owner. If the trust is of the irrevocable type, the creator of the trust is no longer responsible for the tax burden of the property because he/she no longer has any control over the property within the trust. In effect, the property owner gives up ownership to the property, handing the property over to the trust for the trustee to manage. As one can see, trusts can be tricky, and can take on many different forms. These basic descriptions are only the beginning. Legal experts have created multitudes of trust vehicles for various types of situations.
Benefits of a Trust
- Outlines wishes either during life or upon passing.
- Potentially avoids infighting among beneficiaries.
- Avoids Probate.
How much time does it take to complete a Trust?
Approximately 5-7 business days*
*Depends on each Case and/or Controversy.
Why work with our attorneys to create a Trust?
If you think you might be in need of a trust contact SG Law Group. SG Law Group is able to establish many different kinds of trusts, from tax planning trusts for personal use to trusts used by businesses. Contact SG Law Group today to see if a trust is right for you.
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