Overland Park, Kansas – A Trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary). One of the most common reasons to set up a trust agreement like this might be so that someone can always have enough money without having too much. For example, if you were drawing up a will and leave all your assets to some loved ones but wanted them also able to use it as they needed throughout their lives then setting up such an account could make sense because beneficiaries are only granted access to certain intervals or amounts depending on how restrictive you want things while still providing security through knowing there’s something available when the need arises instead.
You can be sure that the beneficiary will only spend trust fund money in ways you approve of. This is because, at the time of drafting, a document could place restrictions on what they are allowed to do with it- for instance, spending all their earnings on education or paying off debts from hospital bills.
What to Include in Any Overland Park, KS Trust?
You don’t want to miss these four elements in any Overland Park, Kansas trust.
The first element is the purpose – there has to be a clear understanding of what it’s being used for and why. Second, every legitimate Overland Park KS-based trust must name someone who will act as trustee; this individual or entity oversees the property and ensures that it follows its intended use according to the terms laid out by those drafting the document – they possess and control said property while also managing all related decisions about how best to utilize them based on their expertise with regard toward executing such tasks per original intent.
The third element in a trust is the beneficiary. The person or entity that benefits from the trust’s provisions must be named, but they don’t have to exist at the time of writing. If someone creates a will for their grandchildren and doesn’t yet have any children themselves, it can still legally take effect when they do become parents because beneficiaries are vested with rights immediately upon creation.
Finally, a trust must have the “corpus” or body. The corpus is usually money and/or property that’s being held in trust. For example, if someone has $10 million to be shared among their grandchildren after they die but doesn’t want anyone touching it until then for fear of theft–they can initiate this elderly person’s well-conceived plan by putting funds into what we call 𝔸the custody account with his attorney so he can set up an irrevocable trustee (someone who will administer the remainder of his estate) upon death.”
Can a Overland Park, Kansas trust drafting attorney help you execute your last wishes?
Setting up and managing a well-crafted estate plan can be quite difficult. For this reason, it might make sense to consult an expert in the field of property law if you’re interested in setting up or modifying one’s will or trusts for their beneficiaries.
What can and cannot be done by a living trust?
A living trust can give you peace of mind when it comes to the handling of your assets. It can also ensure the protection of your heirs when it comes to financial matters, as well as save time and money by avoiding probate. If worded properly, a living trust may serve as power-of-attorney for yourself in case something happens before death; or if there is no need for an executor after death (such will be designated in this document).
What are the benefits of my Revocable Living Trust?
One advantage is that it cannot be subject to Estate Taxes. This means, if you or your spouse have a taxable estate because of its size and value before death, then this type of trust may help lessen some financial burdens for either one’s family members after they pass on.
How Does a Living Trust Work?
A living trust is a legal document that will handle your assets after you pass, without having to go through the process of proving its legality. This type of estate planning can be beneficial because it saves on time and money for those who are left behind.
Creating a living trust is an important consideration for any person who has accumulated assets. The main advantage of this type of estate planning tool is that you can modify or change its contents anytime because it’s made while you’re still alive. It provides flexibility to manage your own property and have absolute control over the properties held in trust — giving unlimited power, including:
– Mortgage, sell, give away property held in trust;
– Place ownership back to your own name;
– Augment properties with new acquisitions into the existing provisions set by yourself as trustee during a setup time period (before death);
– Amend beneficiaries at will without court permission through self-appointment successor trusteeship rights when needed/desired;
See More at The Eastman Law Firm