What Is A Trust?

What is a trust is a common question. For many people, there is more to creating a will than just listing their wishes for what will happen to their estate when they die. In addition to stating who gets what, it is critical to outline how you will care for your young children. If you are a parent with children under the age of 18 or who have special needs children of any age, having a trust is one of the most important things you can do for your family with the help of an Orlando attorney.  A trust is likely to be a solution for you.

A bit more for you on "What is a trust?" Very simply, it directs that your assets remain in control of a trustee who determines how to best spend your money on your beneficiaries for things like a college education.  In addition even after you have seen all we have for you on the website about trusts you are likely to still have questions for us so do use our ask a lawyer service at no cost to you.  

Consider the following situations in which you should consider establishing a will with a trust.
  • If you have minor children, who will care for them? Will that person have the financial ability to care for that child? A trust can help you to provide for the care of your children if you can no longer do it for yourself. You can fund such a trust with a life insurance policy.
  • For those with special needs children, it is very important to consider the long term care of the child. By placing assets and investments into a trust for that child, you can provide for them for the long term.
  • With a family trust, you can leave behind specific amounts of money for your children, grandchildren or others in your family to provide care to them when you are no longer alive. You can place stipulations on how the money will be spent.
  • Guardianship might need to be established for a child who is unable to be cared for by a parent.  This child guardianship will ensure the needs of the child are taken care of until the children can care for themselves or until the guardianship is passed to another party.

Wrapping Up What Is a Trust

There are a variety of things you and an Orlando attorney need to take into consideration when you are creating a will. Wills with trusts and guardianships for minor children outline your goals and provide the necessary tools for your family. However, setting up and maintaining these trusts can be challenging. This is one of the reasons why you need an estate planning attorney to work with you. They can also answer questions you may have such as, “What is a trust?” "Is it for you?" and "Should you choose a revocable or irrevocable trust?"

Take the time to establish care for your loved ones through a trust. This helps you breathe a little easier knowing that your family is cared for. What is a trust and is it for you? We can help more at our wills and trust page.

Left with questions on what is a trust etc. then ask a lawyer at no cost to you today.

Olsen Law Partners, LLP has more free legal resources for you in the free resources section so do go look that over soon.

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