Let's Talk About Trusts
So, what is a trust and how many types of trusts are there? Well, there are too many to list and try to talk about in one blog. Instead, let’s focus on the basic principles of what trusts are and what they do.
Trusts are vehicles in which a person or persons (the trustmaker(s)) hold their property rather than having individual ownership of the property. Holding property in trust allows, among other benefits, property to be distributed upon death without the need for a probate. Trusts can also provide for distributions to be made “in trust,” meaning that, for instance, your trust would create a trust for a child that receives a distribution from your trust. Trusts can also help protect and provide for children or other beneficiaries with special needs.
For most families, a standard revocable living trust will provide all that is needed for probate avoidance and beneficiary protection.
If you have questions about creating a trust, contact Carpenter Law Office. With our 40+ years of experience, we have helped hundreds of individuals and families protect their legacies and provide for their loved ones. Call us at 918-298-1001 or contact us to set up your free consultation today.