Trusts and Trust Administration
A trust is a document that can control part or all of your estate (property and accumulated assets) while you are living. After your death, a trust will continue to control your estate, and assets put into the trust before your death can avoid going through the probate process.
There are numerous types of trusts. The most widely used trust is a Revocable Living Trust, which has numerous benefits including minimizing estate taxes and avoiding Probate Administration. A trust is often similar to a will in that it gives instructions for the care of your assets. However, a trust can go into effect while you are still alive; whereas a will only goes into effect after you die.
Trust administration means performing the duties listed in a valid trust. These duties are usually performed by either the trustee, successor trustee, or someone helping a trustee (like an attorney) in the fulfillment of those duties. In the case of a Revocable Living Trust (the most popular type), this means helping the settlors/grantors (people who set up the trust) during their lifetimes, and then afterwards, fulfilling the terms of the trust with respect to the trust beneficiaries.
Because people are living longer, it is becoming increasingly common for the settlers/grantors to choose others to perform the duties outlined in their trust while they are still living.
To discuss the trust and trust administration options that are right for your needs, call my office at 314-818-0344 to set up an appointment or fill out the contact form using the link below.