Trusts

Families from all economic backgrounds can establish a trust. A trust is another way to transfer an estate. It establishes a fiduciary relationship with a trustee who has authority to handle your assets for your beneficiaries.

A Trust Can Be an Important Part of Your Estate Plan

Trusts can be used in addition to a will to minimize hassles for your loved ones. There are several reasons a trust might make sense for your estate planning needs.

When you work with experienced estate planning professionals like our team at Wayland Law, we can help you determine what type of trust is appropriate for your individual needs and goals. There are a variety of trusts falling under the broad terms of revocable trust—which can be amended while you’re still living—and an irrevocable trust which cannot be changed.

Trusts give you a lot of control regarding who will receive your estate’s distributions, when and on what terms. It also protects your estate and legacy from your heirs’ creditors and can help them avoid lengthy probate.

When set up properly, trusts could help reduce the tax burden of your estate and help you support charities in a tax-efficient manner.