The Tabuchi Law Team
February 14th, 2023
A trust is a legal agreement between the person creating the trust, known as the settlor, and a trustee. The trustee is responsible for managing the trust’s assets and distributing them according to the settlor’s wishes.
Trusts can be used for a variety of purposes, such as:
- Donating assets to charity
- Providing for minor children
- Caring for a disabled child or adult
- Reducing estate taxes
- Protecting assets from creditors
Trusts can be a powerful tool for estate planning. By understanding the different types of trusts available and how to choose the right one for your needs, you can ensure that your assets are protected and your final wishes are respected.
Tips for choosing the right Trust:
- Consider your needs and goals. What do you want to achieve with your trust? Do you want to protect assets from creditors? Reduce estate taxes? Provide for minor children or a disabled child?
- Seek professional advice. An estate planning attorney can help you choose the right trust for your needs and draft the necessary trust documents.
- Choose a trustee carefully. The trustee will manage the trust’s assets and distribute them according to your wishes. Choose a trustworthy, organized trustee with the financial skills to manage the trust effectively.
