A trust is an agreement by which one person, the trustee, manages property for the benefit of another, the beneficiary. Trusts are tools used to avoid probate fees, to minimize taxes, to plan for dependents, to make charitable contributions, and to provide financial security for your family members. A trust is a very valuable part of your estate plan in most cases. A trustee administers, protects and invests the assets held in the trust, and distributes assets to the beneficiaries according to the terms set forth in the trust.

A trustee is expected to follow the intent and wishes of the creator of the trust, and therefore, you may have peace of mind knowing that your loved ones will achieve the most benefit from your estate.

Property such as bank accounts, real estate, vehicles, stocks, and bonds may be placed in trust. Other items, such as life insurance policies and retirement accounts are not placed in trust, but instead are transferred using special beneficiary forms. Upon your death, they will transfer directly to the person named on the beneficiary forms.

Even if you have a trust, you still need a will. Personal property items, such as your jewelry or your furniture, are not usually placed in trust. Instead, you may designate your desired recipient of those items in your will.

If you have questions about Trusts, please submit your confidential question online, or call Walton Law Firm for a free and private consultation. We can be reached toll free at (866) 607-1325 or locally at (760) 607-1325. You may also contact us online.