Everyone should have an up-to-date and signed will that details the writer’s wishes regarding their money and tangible assets should they die suddenly or become mentally incompetent to make their own financial decisions. Without a will, your beneficiaries may not get your intended inheritances. Turn to an expert when in need of an experienced lawyer for wills and trusts near Cicero.
What Is a Trust & How Are Trusts Set-Up?
A trust is a legally binding financial document that designates a third-party appointee to hold and manage assets or other valuables for your intended beneficiaries. There are many different kinds of trusts, and all have their own rules for setting up.
Trusts are usually set up as part of an overall estate plan and working with a lawyer familiar with estate planning laws can help ensure that everything is done correctly.
How Does One Set Up a Legal Trust?
Trusts are typically set up as a two-point process. The Trust Agreement and Funding the Trust.
1. Creating the Trust Agreement
The Trust Agreement is a legal document detailing who involved parties are. This includes the grantor, desired trustee and beneficiaries. A trust designates how the assets will be distributed and managed going forward.
2. Funding the Trust
This next step dictates how the grantor will transfer assets to the trust. A trust must be funded to work.
Find a Dedicated Lawyer for Wills and Trusts Near Cicero
Contact Koch & Associates P.C. Attorneys At Law for legal help.
