When it comes to things like wills and trust, people often get confused and overwhelmed with terminology and legal jargon. First and foremost, a trust refers to the fiduciary relationship that allows a third party to hold assets on behalf of a beneficiary. It is important to understand that trusts can be arranged in a wide variety of ways, all with the main goal of avoiding probate. This means that the beneficiary or beneficiaries will gain access to the assets quicker than they would in the assets were transferred via a will.
Not only do trusts help to avoid probate, but they also serve as ways to secure tax advantages as well as effective tools of property management. The five most basic elements of a trust include:
- A trust creator
- Intent to create a trust
- Trust property
- Trustee who owns the legal title
- Beneficiaries who own equitable title
Trusts serve as a great method to control a person’s wealth, easing the mind of a person who wishes their estate to be distributed in a particular way. In addition, a trust is a unique way to protect a person’s legacy.
The Law Office of Brenda Murzyn, P.C. provides sophisticated and personal estate planning and probate services to all clients, regardless of the size of their holdings. Our experienced staff are committed to providing the individualized services and timely response and follow-up that are essential to meeting each client’s personal needs. Contact our Naperville office today to learn more!