A trust is a unique and powerful estate planning tool that, if used correctly, can ensure significant estate assets are moved to intended beneficiaries. The power aspect of a trust is that it essentially moves all the assets listed to a legal entity that, upon the moment a person listed passes away, the assets are then transferred to the named beneficiaries. The second powerful aspect of a trust is the fact that courts treat them as standing legal agreements that are already in place and private. So there is no need to open them up in court much less disclose the details of a trust. As a result, these tools can be extremely powerful and beneficial to folks who want to transfer property without it having to go through probate or become public.
However, not all trusts are the same. There are irrevocable trusts which, once they are created and put in place, cannot be changed. These instruments become binding and locked, regardless of what changes over time. As a result, an irrevocable trust is not advised unless one is sure the details are firm and won’t likely be changed every. Alternatively, revocable trusts can be changed down the line, revised and redone. They still have the power of avoiding probate, but they include the ability to make changes and update the assets or details.
For those who want to make sure how they distribute their assets is kept private, trusts can be particularly helpful and advantageous. Because they are private agreements and legally recognized by the courts, the details stay private, regardless of how outside parties might complain. The probate courts are not easily convinced to open up a trust unless a very compelling argument can be made to do otherwise. The reason being is that the trust was agreed to while the owner was alive and was put together with an attorney and witnesses. That takes far more cognitive effort than just writing a simple will. Courts recognize this and are generally unwilling to reverse these legal wishes put together lawfully.
For those looking for a Norman trust administration & settlement lawyer, Attorney Tyler Barrett can provide experienced help. He regularly assists trustees in the proper of administration, distribution and settlement of trusts after the deceased’s passing as well as drafting related documents ahead of time for proper results in trusts during estate planning. Those needing legal help, take a look at http://www.tylerrbarrettlaw.com/ for more information and details on how to get a trust started correctly.
Norman Trust Administration & Settlement Lawyer