Bethesda Trusts Lawyer
Generally, a trust holds assets that can then be distributed to certain individuals either during the creator’s lifetime or after they die. There are several different types of trusts that can be used to meet different goals. Because it is important to create the right trust for your needs, it is important to work with a knowledgeable Bethesda trusts lawyer. An experienced trusts and estates attorney can work with you to create a trust that is right for you.
Understanding Trusts
A trust essentially forms an entity that holds assets in the name of the trust. On the other hand, a bank account can be titled in several different ways. When someone creates a trust, they put all of their assets into the name of the trust, which affects the titling of the asset.
One of the main reasons a person would want to create a trust is to avoid probate. By creating a trust, assets are taken out of a person’s individual name and placed in the name of the trust, thereby reducing the necessity of the probate process. People also create trusts for matters of privacy if there is a specific concern regarding the publicity or public nature of the probate process.
Most often, if a person is going to create a trust during their lifetime, it is going to be a revocable living trust. That is a trust that exists during a person’s lifetime but becomes irrevocable upon the person’s death. Other types of trusts a person might consider would be a supplemental needs trust for those who want to provide for a person with special needs. There are also trusts related to life insurance policies, but the most common trusts are revocable living trusts. An attorney can answer any questions a person may have about creating a trust in Bethesda.
The Role a Bethesda Attorney Can Play
A person will generally choose an attorney to draft their estate plan for them and therefore draft their trust, but the attorney who assists with administering the trust does not necessarily have to be the same person. Many times the attorney who drafts the trust will also help to administer the trust. However, the attorney who drafts the trust represents the grantor or settlor of the trust, whereas the attorney who assists with the administration of the trust is representing the trustee and helping the trustee manage the assets of the trust. A person should feel comfortable with their attorney and should feel secure in knowing that the attorney is going to draft their estate plan according to their wishes.
A Bethesda Trusts Attorney Can Discuss Available Options
A trust can help you make sure your assets are held and distributed according to your wishes. However, the process of creating a trust can result in several complex legal questions. Therefore, it is important to work with a well-versed Bethesda trusts attorney who can help you create a plan that works best for you. To discuss your options, call today.