A Trust is actually a legal entity created by a formal document that states that the contents (assets) of the Trust are being held for distribution to another party (beneficiaries). Trusts are managed by designated “trustees” and distributed to beneficiaries based on the specific terms set forth within the document itself. Today, trusts often play a vital and significant role in many of our clients estate plans.
The Trustee under a trust has many fiduciary duties that are inherent in the administration of any type of trust. First and foremost, the Trustee must put the interests of the beneficiaries of the trust above all other considerations, except as they relate to his or her duties under the law.
Understanding the pros and cons associated with trusts, the duties and obligations of a trustee under a trust and the role that trust planning might play in your specific estate plan, is why you should consult with one of the knowledgeable and experienced Pittsburgh estate planning attorneys at American Wills & Estates.
Who Should Consider a Trust and What Does Trust Planning Involve?
To make a long story short, trusts can potentially benefit almost anyone. Traditional married couples, same-sex married couples, unmarried couples, individuals, children or adults with disabilities, corporations, etc. Trusts come in a wide variety of types and forms, but some of their primary uses with respect to estate planning are wealth preservation, protection of minors or those with disabilities and, if possible, the avoidance or minimization of the probate process and the estate and inheritance taxes typically associated with same.
When it Comes to Trusts in Pittsburgh, American Wills & Estates Can Help You Understand:
- Whether or Not a Trust is Right for You
- Whether You Should Consider a Trust, a Last Will and Testament or Both
- How Assets and Property are Transferred to and Distributed Under a Trust
- How a Trust Might Help You Avoid or Minimize the Impact of Probate
- Proper Trustee Administration & Responsibility