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Turn To A Responsive Severn Estate Planning Attorney For Guidance On Trusts

Do you want to distribute your assets and benefits according to your wishes while avoiding probate? If so, a trust might be right for you. At Trevillian Law, our estate and trust planning attorneys provide strategic legal counsel.

For more than 30 years, our lawyers have guided clients through trust options and helped them select and personalize trusts to meet their needs. They serve as loyal, insightful advocates for our clients, ensuring that the futures they want for their families and loved ones are clearly articulated.

Understanding The Legal Functions Of Trusts

A trust is a legal declaration of who will receive a person’s financial assets and benefits after they pass and how those assets will be managed. With a trust, a trustor gives another individual, or trustee, the right to hold and manage assets. The trustee provides legal protection for assets and ensures that they are correctly distributed upon the trustor’s death.

Many clients choose trusts because they avoid the probate process and set specific terms and conditions that must be followed by law. In some circumstances, trusts can provide some tax benefits for trustors.

Common Varieties Of Trusts

The way trusts are presented and arranged varies depending on the type. Our team specializes in helping clients plan three types of trusts. They are:

  • Revocable living trusts: This trust comprises living legal documentation that you can alter anytime. It helps you manage your assets and property while you’re alive.
  • Testamentary trusts: A testamentary trust is created upon death and is typically found in a person’s will. It directs that certain assets be held in trust for the benefit of specific persons.
  • Special needs trusts: A special needs trust withholds assets and financial benefits for a person with a chronic illness, disability or medical impairment.

A frank conversation with an experienced estate planning attorney is an important first step toward creating trusts of your own that will serve your purposes.