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How to Establish a Trust

lfsuser • Jun 26, 2020

What Is a Trust?

A trust is a financial vehicle that allows you to hold and manage property for the benefit of others.

How Is a Trust Different from a Will?

A will lists what you would like to happen to your property after you pass away. With a trust, you will be able to control and manage property that you place in the trust, but after you pass away or become incapacitated, your successor will be able to take over control of the trust.

Different Types of Trusts

Living Trusts

This type of trust is one you may set up right now.

Testamentary Trusts

Your last will and testament will set up this type of trust.

Revocable Trusts

This is a living trust that you have the opportunity to change at any time.

Irrevocable Trusts

This is also a living trust, but you cannot change it or cancel it.

Why Would Someone Want to Set Up a Trust?

A trust can help you avoid things that you have to deal with when you have a will. For example, you can avoid probate and delay paying taxes with a trust. A trust will maintain your privacy and ensure that your creditors or your beneficiaries’ creditors cannot seize the property. You will also have more control over your assets with a trust. Most importantly, if you need Medicaid or governmental services available to those with a disability, a trust will ensure that you can qualify for those benefits.

Setting Up a Trust

The first thing you need to do to set up a trust is contact us at the Law Offices of Faloni & Associates. We are estate planning attorneys in Fairfield, and we can help you set up a trust that will support all of your needs. Our Fairfield estate planning lawyers will get you started with the trust process by helping you create your trust agreement. This agreement lists the beneficiaries, grantor and trustee of the trust and explains how you want your property to be distributed. Then, your Fairfield NJ estate planning attorney will help you transfer your assets into the trust.

The post How to Establish a Trust appeared first on Faloni Law Group.

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