Trusts & Trust Administration
A "living" trust is one that is created during your lifetime. A revocable living trust is one that can be changed or amended during your lifetime. It can also be revoked (cancelled) entirely before you die, if you so choose. Generally, a revocable living trust becomes "irrevocable" (unable to be revoked) after the death of the Grantor (the person who created the trust).
Trusts can be beneficial, even to someone with minimal wealth. If you want to pass assets to minor children, for example, or you simply want to maintain your privacy, a Trust can be a useful tool. There are different kinds of Trusts that can be established.
However, not everyone needs a Trust. At Barbour and Williams Law, we can help you determine which Trust, if any, is best for your unique situation. If one is needed, we can draft it for you as part of a well-rounded estate plan.
In addition to drafting Trusts, our attorneys can serve as the Trustee of your Trust document, if needed. In this role, we administer the Trust document in accordance with its terms and carry out any required duties.
Even if we are not serving as Trustee of the Trust document, we can assist the named Trustee with preparing the annual accounting paperwork that is sometimes required. The paperwork ("account") may be due to the Court, or it may be sent to the beneficiaries on an annual basis, or both. Contact us today if you need help with a Trust accounting.