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Trusts

Trusts

 

A trust is a relationship created by a document whereby property is held by one party for the benefit of another.  Attorney Neil Berman of Somerville has the experience to understand your needs when considering a trust or other financial strategies.

 

Trusts are created for many reasons, and can be drafted to accomplish the desires of the settlor.  The creator or settlor creates a trust in order to transfer some of all of his or her property to the trustee.  The trustee then holds the property as legal owner for the beneficiaries of the trust, who are the equitable owners.  Although the trustee has the legal title to the property included in the trust, he or she is obligated by law to act on behalf of the beneficiaries.  In most cases, the trustee is compensated for these actions.  Any kind of property can be held in a trust.  Although trusts as a part of a will in estate planning is very popular, trusts may also be used for asset protection, and for tax purposes.

 

Often trusts are created in a will, to define how the grantee will divide his or her assets among heirs or beneficiaries.

 

What Is a Trust

 

There are three main parts of a trust, as determined in Knight vs. Knight.

 

  1. Intention – One must show clear intention to create a trust.
  2. Subject Matter – The property that is included in the trust (or subject matter of the trust) must be clearly stated in the trust.  One cannot simply say, “The majority of my property,” or “The remainder of my estate.”  Subject matter can be anything from real estate, to cash, to shares, but it must be clearly listed.
  3. Objects – The objects of the trust, or beneficiaries, must also be clearly stated, although it is not necessary to name them specifically.  For example, one can leave assets to their unborn grandchildren, even if the child does not have a name.  In such cases, one would simply state, “my future grandchildren.” 

    If you are considering creating a trust, allow Attorney Neil Berman to use his experience and knowledge to help protect you and your beneficiaries.  A good trust lawyer can ensure that not only are your assets protected, but that your wishes are carried out even after your death.  Attorney Berman can help dispose of your assets in the manner that you choose, and will be on hand to change any provisions and beneficiaries in the future.  He can help minimize any federal or state taxes associated with your estate, and help you and your family to avoid the aggravation, cost, and publicity of a probate process.

 

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Commonsense Legal Counseling's website and its associated pages contain general information and resources about the legal services that we provide. The contents are not intended to be taken as legal advice and should not be used to make decisions affecting your legal rights