There are innumerable types of trusts that can be created for any situation and any individual or group. At Peter Loyd Weber & Associates, we are experienced in creating trusts that are based on a personable and thorough analysis of an individual’s estate planning goals. Please give us a call today to plan for your and your family’s future at: 720-863-7755.
FAQ’s About Trusts
What is a Trust?
A Trust is a fiduciary agreement. There are three parties involved in a trust: 1) the Settlor – the person who creates and funds the trust; 2) the beneficiary – the person who benefits, or receives assets from the trust; 3) the trustee – the person who oversees the operation of the trust. These can be three distinct individuals or institutions or one person can create, oversee, and benefit from the same trust. Sometimes a person may appoint themselves, a child, or a friend to be the trustee; in other circumstances an attorney or bank may be appointed as the trustee. When you contact us, we will assess your situation and guide you through the decisions you encounter while creating your trust.
Why do I need a Trust?
There are many benefits to creating a trust. A trust will help your estate because your heirs will be able to avoid probating your estate, there can be savings on or avoidance of “the death tax”, financial assets are kept private, your beneficiaries can be protected from your creditors. During your lifetime, you can enjoy capital gains tax savings, control over management and distribution of your assets, and knowledge that a conservatorship will not become necessary.
What is the difference between a revocable and irrevocable trust? And which one is best for me?
A revocable trust means the testator (the creator) can terminate the trust, and an irrevocable trust means the testator cannot terminate the trust. The choice between the two depends on your situation and cannot be answered broadly; we will walk you through that decision after a complete understanding of your situation. Irrevocable trusts have tax savings benefits especially in large estates. But irrevocable trusts are very inflexible. Revocable trusts are alterable but offer no tax savings. There are many considerations which we will discuss with you when making the decision.
I have a disabled family member, what can I do for them by way of a trust?
You can create what is called a Special Needs Trust. Please see our blog post about this topic here.
I need help with administrating a trust, can you help me?
The short answer: yes, we can help you. A trustee is an individual who administers a trust. This person can be almost anyone: a family member, a lawyer, a bank, etc. We can help in one of two ways: we can guide you to what is your best legal options as a trust administrator, or we can even become an administrator of a trust. Please call us today to receive a free phone consultation on your trust administration question at: 720-863-7755.