A trust is similar to a will, 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 them 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 for people to set up a trust is to keep their property from going through probate when they die.
The type of trust that should be used in the management of assets depends on the intent and ultimate goals of the trust creator. A trust that is meant to manage property that will go to beneficiaries may not be suitable for someone who wants the assets to grow while in the trust.
KMK attorneys will meet with you to determine your goals and intentions. After listening to what you want to accomplish, we may recommend the creation of a trust. We will explain the benefits and make recommendations on the best course of action and can 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.