What Is a Trust?

By Annie Simon
/
October 18, 2021

Many people are familiar with the term, “trust” from “trust fund.” A trust may seem like a tool for the wealthy, but if properly understood it can be effectively utilized by anyone.

Similar to a will, a trust is a contract between the one giving the assets—the grantor—and the individual or individuals receiving the assets, called trustees. In most cases, a trust is used to avoid the process of probate.

In the probate process, the assets of the grantor are distributed and debts are settled. A trust is useful because it holds assets aside from the probate process to be doled out at a later event or under specific conditions. By avoiding the probate process, trustees do not have to go through the courtroom and probate judge.

Trusts have three main benefits.

  1. These controls allow the grantor to protect and distribute their assets to their specifications.
  2. The trust prevents heirs or debtors from collecting assets you don’t want them to receive.
  3. Possessions distributed through trusts are not a matter of public record and can provide privacy to grantors who would rather their probate not be public knowledge.  

If you are looking to establish a trust to give assets to a charity, a friend or for your family, your best outcome will be achieved with the assistance of a Trusts & Estate attorney. An experienced Trusts & Estate attorney can effectively help you establish a trust that meets all necessary requirements of the local and state regulations. The best place to find an effective Trusts & Estate attorney is at Attorney at Law.

At AAL, our nationwide network of attorneys and law firms can match you with a local Trusts & Estate attorney who has the experience and legal expertise to create effective, watertight trusts for you and your family.

Don’t wait. Contact AAL today for a free, no-obligation consultation and begin your journey to financial security.

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