What is a Trust?

What is a Trust?

A Trust is a legal document that provides specific instructions to manage your assets for your selected beneficiaries.

A properly prepared Trust can reduce Estate Taxes, protect your property from being mishandled and a great way to avoid probate.

Assets that are properly Titled in the name of a Trust can be handled or managed by your selected Trustee. Yes, you can also be the Trustee, but we will get to that shortly.

A Trust agreement truly gives you lots of options when managing and distributing your assets in the event you become incapacitated, disabled or deceased.

There are three main aspects of every Trust.

  • Grantor, Settlor or the Trustor. This is the person who creates or establishes the Trust. This is also the person who funds the Trust by transferring his or her own assets into the name of the Trust.
  • Trustee. This is the person, or entity that manages and oversees the assets that are placed in the Trust by the Grantor. Often times, if the Grantor is alive and well, he or she will usually act as the Trustee for the assets that have been placed in the Trust. When the time comes that a Trustee is no longer able to manage the assets in the Trust then a successor will be named to become the Trustee, and provide continuity to manage the Trust.
  • Beneficiary. This is the person or entity that benefits from the assets that are placed in the Trust. Often times if the Grantor is alive and well, he or she will also be listed as the primary beneficiary with successor beneficiaries properly listed as well.

Who should set up a Trust?

Individuals:
Any unmarried individual with any type of assets should definitely set up a Trust sooner than later. Assets can be anything from a life insurance policy, a profitable business or your home real estate real estate. It is essential that a Trust be set up in these matters to seamlessly and efficiently manage an individual’s assets in case he or she is no longer able to do so.

Couples with Kids:
Definitely set up a Trust so that your assets can be placed into the Trust and instructions can be implemented to manage the assets for the benefit of your minor or even adult children.

Real Estate Owners:
Anyone individual or couple that owns Real Estate can benefit from a Trust by avoiding probate and leaving specific instruction on the distribution, sale or management of any Real Estate owned.

Business Owners:
Unless you have multiple partners in the business, setting up a Trust can ensure the management and sale of your business in case the owner is unable to continue in the Business.

Who else can benefit from a Trust?

Essentially, a Trust is a very powerful and effective legal agreement that truly gives individuals and couples some tremendous flexibility when managing and distributing their assets.

Sooner is Better than Later:

Contact us today at 954-670-2800 or via the contact form to make use of this tremendous legal document that provides great flexibility and protection for your assets and beneficiaries.

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ElDeiry & ElDeiry, P.A.

From our law office in Fort Lauderdale, Florida, attorneys ElDeiry & ElDeiry, P.A. deliver everything you need to plan for the future. Our extensive skill in various areas of estate planning allows us to craft practical, intelligent plans for individuals, families, and businesses who are looking to meet specific objectives.

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About ElDeiry & ElDeiry, P.A.

From our law office in Fort Lauderdale, Florida, attorneys ElDeiry & ElDeiry, P.A. deliver everything you need to plan for the future. Our extensive skill in various areas of estate planning allows us to craft practical, intelligent plans for individuals, families, and businesses who are looking to meet specific objectives.