A Trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in a variety of ways, specifying how and when the assets are to pass to beneficiaries. Since Trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than opposed to using a traditional Will. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
There are many types of Trusts, including Marital, Bypass, Testamentary, Irrevocable, Revocable, Charitable Remainder, Generation-Skipping, Grantor Retained Annuity and more. With so many options, let us at Steven Patterson, Attorney at Law guide you step-by-step to achieve your goals, protecting what’s yours, as well as protecting and respecting your wishes.