The Basics Of Trusts In Estate Planning
What is a Trust?
A trust is a legal arrangement that allows a trustee to hold assets on behalf of beneficiaries. Trusts are commonly used in estate planning to manage and distribute assets according to the wishes of the trust’s creator.
Types of Trusts
There are several types of trusts, including:
- Revocable Trust
- Irrevocable Trust
- Living Trust
- Testamentary Trust
Benefits of Trusts in Estate Planning
Trusts offer various benefits in estate planning, such as:
- Probate Avoidance
- Privacy Protection
- Asset Protection
- Control Over Distribution
Frequently Asked Questions
1. What is the role of a trustee in a trust?
The trustee is responsible for managing the trust assets and distributing them according to the terms of the trust.
2. Can I change the terms of a trust?
Depending on the type of trust, it may be possible to amend or revoke the trust during the creator’s lifetime.
3. How can Wright Street Lawyers help with trust-related matters?
Our experienced team at Wright Street Lawyers can assist you in setting up, managing, or resolving legal issues related to trusts in estate planning.
Consult with Wright Street Lawyers for client-focused Legal Guidance
Whether you need assistance with setting up a trust, managing trust assets, or resolving trust-related disputes, Wright Street Lawyers in Adelaide, South Australia, is here to help. Contact us today for client-focused legal guidance in estate planning and trust matters.
