Whether you are creating a trust for tax or non-tax purposes, it is extremely important to work with a qualified estate planning attorney. An appropriately drafted agreement can fulfill your intentions and ensure that you accomplish the goals you have structured. Your trust should include a variety of different important information including:
- The names of institutions or individuals who have fiduciary duties, such as the current and successor trustee.
- The identity of all beneficiaries.
- The description of any initial capital placed inside the trust and authorization for additional contributions.
- The conditions through which beneficiaries are entitled to receive income distributions from the trust, such as at a fixed rate, on a fixed schedule or through some other plan.
- Specifying the term or time limit of the trust.
- Provides for the payment or waiving of fees associated with the trustee’s role.
- Provides for the security, bond or waiving of such security or bond for the trustee.
If you’re not sure who to name as a trustee, talk to a lawyer. You can appoint individuals or sometimes organizations to handle this responsibility, but you should always think it through carefully. This person or company will play an important role in administering your trust, so you should have confidence in their abilities.
Working directly with an estate planning attorney is one of the only ways to feel confident about the use of a trust for estate planning purposes. Set aside time to meet with a dedicated and experienced estate planning lawyer about your next steps. Our Virginia Beach estate planning lawyer can help you.