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A trust can be an excellent vehicle for passing your assets onto future generations. There are various reasons that a person might wish to create a trust. For instance, the person might have a disabled child, a minor child, or a child who has a problem with drugs or alcohol. All of these situations call out for the creation of a trust for the benefit of the family member/beneficiary.
Yet, it is equally true that not all estate plans call out for a trust, and in fact, a trust can be a rather cumbersome tool for passing an individual’s assets onto beneficiaries. Care must be taken in the consideration of whether or not a trust is needed in a given situation, and if so, how that trust is drafted.
A trust is simple an agreement. It is an agreement amongst the parties to the trust—the grantor, the trustee, and the beneficiary. The “grantor” is the person who establishes the trust. The grantor contacts the attorney to draft the trust. The grantor places his money or other assets into the trust.
The “trustee” is the person who manages the assets of the trust and makes distributions of the assets of the trust to the beneficiary. The “beneficiary” is the person whom the trust was designed to benefit.
The trust can be private trust or public trust depending upon the objective for which a trust is being created.
- PLACE NOIDA
- PREPARATION TIME – One Day after we receive the details for the Trust Drafting
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