A living trust is an effective way to transfer property at your death without probate. Living trusts are flexible because you can transfer all your property or only some of your assets through a trust to your beneficiary. In order to create a trust, you must sign a document that specifies the trust property, a trustee to manage the trust property, the beneficiary or beneficiaries of the trust, and other terms. There are several different types of trusts that you can create including a special needs trust, asset protection trust, charitable trust, irrevocable trust, and much more. Our attorneys can explain to you the different types of trust and determine which trust would be the most effective in protecting your interests.
A trust can be modified or amended, but only in certain situations that must be approved through the courts. Courts will allow a trust to be modified if the person who created the trust ("settlor") and all the beneficiaries of the trust agree to the modification. If the settlor is deceased or is unable to grant consent, modifications to a trust are more complicated. In these circumstances, courts will generally not approve a modification of a trust if the change would be contrary to a material purpose of the settlor. However, courts are more likely to grant modification of a trust under changed circumstances. Our attorneys will help you evaluate your options if you are considering modifying or amending a trust. |
