There are many well established legal structures and arrangements that can be used to enable particular outcomes. One legal tool known as the “trust” has been employed for many centuries to control access to and ownership of assets. Working with a trust attorney to have such a legal vehicle set up can allow an individual to make progress toward important estate planning goals. Even relatively complex trusts can normally be created with only a minimum of input from the responsible person.
A Straightforward Structure That Can be Used in Many Powerful and Potentially Desirable Ways
As with quite a few other commonly utilized legal tools, trusts can be used for any of a wide range of possible reasons. The basic nature of the trust suits it to many situations where transferring assets directly to a selected person or persons would not be desirable or practical.
Setting up a trust typically takes only a bit of direction and attention on the part of the one who actually owns the assets. In the course of creating a trust, the identities of at least the following parties will normally need to be established.
- Grantor. The individual known as the trust’s “grantor” is the one who actually establishes it and initially owns the assets that will be transferred. The grantor’s role does not necessarily need to be especially involved, however, and it will often not be so at all. Even so, it is always the grantor who actually conveys to an attorney the intended purpose of the trust and the assets to be held in it.
- Trustee. Every trust must be overseen and managed by a designated party known as the “trustee.” In some cases, a trust’s grantor will wish to assume this role, with another person being specified as a successor, should that become necessary. The trustee’s role will always be a purely administrative one, with the terms of the trust itself dictating what needs to be done at every stage.
A More Accessible Option Than Many Realize
Once these parties and the intended beneficiaries have been defined, an attorney will normally be able to establish a trust without any trouble. Trusts are both powerful and easier to have set up than many people realize.