What is a Trust?

A well-crafted estate plan may include a trust to avoid a probate, minimize estate taxes, hold assets for minor children or can offer other benefits. A trust is an entity, a vessel, that holds the assets. A trustee is the person, or fiduciary (a bank trustee) in charge of managing the assets. This fiduciary arrangement allows the trustee to hold assets for the benefit of another, a beneficiary or beneficiaries. Trusts can be established to provide legal protection for your assets to ensure they are distributed according to your wishes. Additionally, trusts can save time, reduce paperwork, and sometimes reduce inheritance or estate taxes. Grathwol Law can help you create wills, trusts, advanced directives, and other legal documents that enforce your personal goals and wishes.

What is Trust Administration?

During your life, disability, and after your death your trust must be managed. This is Trust Administration. The trustee is charged with the job of asset preservation, payment of valid claims and taxes, and distribution of the trust assets to the beneficiaries. Importantly, the trustee also wants to avoid personal liability. We help guide the trustee in this process. Trust laws are complex. We have the experience a trustee needs to do a good job.