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Trusts

Trusts aren’t just for tax planning (although they’re great for that, too). If you want to make things easier and faster for your loved ones, you need a trust.

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Trusts

Trusts are entities designed to hold assets for many purposes. A trust’s most basic function is to avoid probate and distribute your legacy to your loved ones faster, cheaper, and more privately than a will.
When most people think of trusts, they think of the tax-saving and asset-protection trusts used by the rich to preserve wealth. Trusts can be drafted with those goals in mind, but the most common trusts today simply ease the burden on your loved ones after you pass.

Trusts are rising sharply in popularity because of their flexibility and because they enable several advanced asset protection strategies. However, trust-based estate planning remains a niche area of focus that requires a great deal of research and training for even seasoned estate planning attorneys.
Hunter Sargent, PLLC is committed to delivering premier trust-based estate plans with the most current laws and asset protection strategies available.

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What Kind of Trusts Are There?

All trusts are created by “Trustors” who are planning to secure their legacy, usually a married couple or an individual.

The Trustor selects an individual or corporation to manage and distribute trust property; this person is called the “Trustee”.

The Trustee must follow the Trustor’s instructions written in the trust while managing and distributing trust property to the “Beneficiaries” – the people who will benefit from the trust property.
Once the trust is created, the Trustor transfers their property into the trust and the trust takes care of the rest.

For most revocable trusts, the Trustor acts as Trustee and Beneficiary while they are alive – in that case, the person who created the trust can use their property just like they did before and not much changes during their lifetime.

However, when that person loses capacity or passes away, the trust names a successor Trustee to step in automatically and continue managing or distributing trust property to the trust beneficiaries. This is the primary value of a trust – without a trust, your loved ones may have to ask a court for guardianship over you or your legacy may have to go through the probate process.

Irrevocable trusts may have several goals that make this kind of structure unusable. Whether the goal of an irrevocable trust is privacy, tax planning, special needs planning, life insurance planning, or any other estate planning objective, you need to speak with an experienced estate planning lawyer before considering whether an irrevocable trust is right for your legacy.

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The best time to plan your legacy was 10 years ago. The next best time is today. Everyone needs estate planning – the good news is it’s never too early and if you’re reading this, it’s not too late.

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    We'll prepare your will, trust, and business planning so you can rest easy knowing you've secured your legacy for generations to come. We have the wisdom and skill to plan legacies of all sizes.

    While this website provides general information, it does not constitute legal advice. Any communication with Hunter Sargent, PLLC via e-mail or through this website does not constitute or create an attorney-client relationship and is not privileged or confidential.