A trust is a legal entity that exists to hold assets for the benefit of one or more beneficiaries. A trust is a contract between the grantor or settler (the person who creates the trust) and a trustee (person who holds legal title to property in the trust until the trust provides for distribution). Trusts can make distributions to beneficiaries during the lifetime of the grantor or at the death of the grantor. Trusts can serve several important functions including planning for your possible disability, avoiding probate, facilitating the use of estate tax exclusions, planning for your current or former spouse, and making special lifetime provisions.
In order to create a valid trust, there must be an ascertainable beneficiary, a named or appointed trustee, a present and existing property, and intent by the settler to create a trust. Additionally, the settler must have the intent and the capacity to create the trust. The attorneys at Jorgensen, Brownell & Pepin will take the time necessary to ensure that your trust is properly created.
In recent years we've seen a disturbing trend in the number of trusts being mismanaged. That's why we take the time necessary to create comprehensive estate plans secured through legal and financial checks and balances and fail-safe measures, such as indemnification clauses for trustees. We protect assets through careful financial planning, and we anticipate problems before they arise in order to make sure your financial legacy stands the test of time. |
