A trust is a relationship created at the direction of an individual, in which one or more persons hold the individuals property subject to certain duties to use or protect the property (trust) for the benefit of others.
In other words, a trust owns property and is managed by someone who is required by law to maximize the value of that property and not waste, steal, misuse, or neglect that property.
Trust For The Benefit of a Minor
This is the most common type trust. These trusts are necessary because of the inability of a minor to own, maintain, and pay taxes on assets. The trustee would handle all those responsibilities.
The trustee also is legally required to manage the property or assets according the rules of the trust FOR THE BENEFIT of the beneficiary (the minor child). The trustee must in good faith to maximize the value of the trust.
What is the Best Type of Trust?
There are many other trusts used for a variety of estate planning purposes as well. The situation and goals of the client dictate which trust if any would benefit the client. We help clients make these decisions as we explore the hopes and aspirations of our clients and what may be available to them to meet their goals.
Do You Need a Raleigh Attorney & Trust Planner?
Please call or fill out our form below to discuss your wishes and to set up a consultation at our office.
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