You may or may not have heard of a trust fund. A trust is a legal arrangement in which a certain amount of property or assets is held by a person or bank for the benefit of someone else. The person who creates the trust is known as the grantor and those the trust is for are known as the beneficiary. Determining whether or not you should create a trust can seem stressful. Below is more information that should help you determine whether or not creating a trust is the right move for you.
Reasons to Create a Trust
There are multiple reasons why you may consider creating a trust. Examples are as follows:
- Creating a trust helps to maintain control of assets in the event that you become unable to manage them due to health reasons or developing a mental illness.
- Creating a trust helps you to save on estate taxes.
- The creation of a trust helps to avoid probate.
- The most common case for developing a trust is when a large amount of assets are involved. The trust is created in order to establish who is in control over the assets once the original
- grantor passes away. For instance, some grantors create trust funds to pay for their grandchildren’s college tuition. Therefore, the money can ONLY be used to pay the tuition on behalf
- of the grandchildren themselves.
If you are considering developing a trust fund, contact Mestayer Law Firm today. We can help guide you to the right choice based on your goals for the trust. There are many different types of trusts, so choosing the correct trust is dependent on your needs.
Mestayer Law Firm provides civil litigation for clients throughout the Gulf Coast area including Pascagoula, Biloxi, and Gulfport. If you are making future plans for your estate, then contact us today and let us help take care of every detail of your finances. Call us today at 228-762-1193 or visit www.pascagoulalaw.com. We are your legal experts! You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi. We look forward to talking with you!
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.
This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors, or mistakes.