Trusts are similar to wills, yet different. Unlike a will, which goes into effect when you die, a trust allows you to transfer ownership of your assets and properties while you are still alive and holds them after your death. Although you no longer own the assets, because your trust does, you still have access to everything in your trust during your lifetime.
You can instruct your trust to pay income to you and, on your death, your trustee can be instructed to divide whatever is left to your beneficiaries, according to your specific instructions. The most common reason people set up a trust is to keep their property from going through court-supervised probate when they die.
The type of trust that should be used in the management of assets depends on your intent and ultimate goals. A trust that is meant to manage property that will go to beneficiaries may not be suitable for someone who wants their assets to appreciate while they are in the trust.
KMK attorneys will meet with you to determine your goals and intentions. After listening to what you want to accomplish, the creation of a trust may be your best option. We will explain the benefits and make recommendations on the best course of action as well as provide guidance on the selection of the appropriate trustee or agent. KMK can also answer any questions you may have regarding the administration and disposition of the trust and adjust the trust to your specifications as needed.
Call a KMK Estate Planning attorney at (414) 962-5110 and ask if a trust is right for you.