A Trust document creates a relationship by which one person (the “Trustee”) manages property for the benefit of another person (the “Beneficiary”). There can be multiple Trustees and Beneficiaries of a Trust, depending on the wishes of the person who is creating the Trust (the “Grantor” or “Settlor”).
For many individuals, including those with minor children, a Trust may
be the most efficient way to manage and distribute property.
When a Trust is created, the Trustee appointed in the Trust document has
legal title to the property that has been transferred into the Trust.
The Trustee then decides when, and for what purpose, distributions of
property are to be made to the Beneficiary. For example, a Trustee might
make a distribution to a Beneficiary to pay for the expenses of attending
college. The Trustee might also make a distribution that is predetermined
by the Trust, such as distributing part or all of the property in the
Trust to the Beneficiary when he reaches a certain age.
The Leger Law Group will explain the various duties for those involved
with the Trust and will assist you in deciding who the best family member,
friend, or professional is for the role of Trustee. Our experienced estate
planning attorney, Siobhan Leger, can also help you develop a detailed
and comprehensive plan for how funds in the Trust should be used.
Call our office at 225-615-0532 to schedule your free consultation, today.