When a property is owned by a trust, it means that the settlor has transferred the property to a trustee. A trustee will take control of the property in order to provide benefit to the beneficiaries. The property could be a house, money or any other asset.
Trust creation can be handled by attorneys such as Barr & young attorneys.
In a self-declared trust, the trustee and the settlor are the same people. There could be one or many beneficiaries. In a similar manner, a trustee could be one or many. Also, a trustee could be any person or public entity.
A trustee has a certain duty towards the beneficiaries. It means that the decisions taken by a trustee should never go against the beneficiaries.
What is a trust?
A trust is a legal document. In a trust, there are two parties; a trustee and a beneficiary. So, you have to choose a trustee that will handle the entire functioning of the trust and will provide assets to the beneficiaries. Therefore, these assets can no longer remain a part of your will as they belong to trust now. However, you can choose to revoke it at any point in time by getting in touch with your attorneys.
Can a layperson (a non-attorney) create a trust?
Well, you can choose to carry out your estate planning by yourself or by hiring an experienced attorney. It is your choice. However, an attorney always knows the tips and tricks to save time and money. So, you must look forward to hiring an attorney in order to avoid future inconveniences.
It is a complex matter in which many legalities are involved. It is always recommended that you hire a proper estate planning attorney in order to ensure that there is no problem in creating a trust.
Nonetheless, if you are willing to handle your estate planning affairs by yourself, then you must know about the law of your state as you would have to form the estate planning documents according to the law of your estate.
Benefits of hiring an estate planning attorney
There are a number of benefits in hiring an estate planning attorney. Some of them are given below:
- Expert knowledge.
- Expertise gained through previous and current cases.
- Professional service.
- Know-how regarding the state laws.
- Peace of mind.
