What are some of the different forms of trusts?
There are many different types of trusts available when you plan your estate. Use the information in this article to get a basic understanding of your options before you form a trust.
→ Read MoreTrust Basics
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Who are the parties to a trust?
A trust is a legally created entity designed for the protection, growth, and distribution of assets. There are three different roles in a trust, with nearly endless combinations of trust parties. A trust can be created by one person or many, it can be run by anyone the founders choose, and it can benefit a specific person or group of people. Each role in a trust comes with different responsibilities and expectations that must be followed in order for the trust to succeed.
→ Read MoreHow long does it take to settle a trust and what can be done if it’s taking too long?
How long it takes to settle a trust after the creator or grantor dies depends on what needs to be done. It usually takes a few months, but it could take much longer. If the trustee has to value and sell numerous assets, if creditors have made demands on the trust, or if there is a complicated tax situation, the process can take some time.
→ Read MoreAdministering a Living Trust
The simple answer to this question is: very carefully. As trustee/administrator to a living trust, you are considered liable for any substantial damage to the trust. Ideally, the grantor kept a trust portfolio while he was alive that can be used to ensure a smooth transition. If not, you’ll have to begin the same way someone executing a will begins.
→ Read MoreHow to Revoke Your Living Trust
Although a revocable trust, or living trust, makes the process sound simple, you may not know exactly what you need to do to dissolve or revoke your living trust.
→ Read More