Estate planning is seldom easy, and it only becomes more complicated the more assets you have and the more beneficiaries you want to allocate your possessions and investments to when you pass. To complicate matters further, probate court will get involved if you haven’t set up a trust. Trusts are legal preparations to make transferring any assets you have to your beneficiaries easier. Understandably, if you are in the estate planning process, you may have questions for a lawyer regarding the setting up and application of a trust.

• How do trusts work? Trusts designate a trustee, whether that be a person or institution, to manage any assets left to your beneficiaries. Setting up a trust allows your beneficiaries to avoid the hassles and stresses that come with probate court following your passing.
• Are trusts only for the rich? It’s a common misconception that trusts are only necessary for the wealthiest members of society, but that simply isn’t the case. Anyone with assets that they want to leave to certain beneficiaries should set up a trust to guarantee those assets are distributed correctly and according to their specifications.
• What does setting up a trust look like? Like any other part of estate planning, setting up a trust involves working with a lawyer to draft the necessary legal documents.
• What is the best way to pick a trustee? We would recommend designating an institution as your trustee. This helps remove added stress that would be placed on a single person who may not know the appropriate courses of action for managing your assets.

When the time comes for setting up a trust, choose a lawyer who understands your unique circumstances and has your best interest at heart. Having trusted legal counsel will make the process as smooth and straightforward for you as possible.