A Trust is a legal document that creates an entity that gives the trustee the right to hold title to real estate and other assets. Trusts are established to protect assets for long-term care including Medicaid planning, estate tax planning, probate avoidance, asset protection for individuals with special needs and for spendthrift beneficiaries. The individual who creates the Trust is call the Grantor, Settlor, or Creator. The individual(s) who manages the assets held by the Trust and who distributes these assets in accordance with the terms of the Trust is called the Trustee. A Trust can provide your family with significant flexibility for the future.
A Last Will and Testament is a legal document that allows an individual (the Testator) to appoint one or more persons (Executor(s)) to manage the Testator’s assets after death and to distribute these assets to the beneficiaries designated in the Will. A Last Will and Testament can also contain a Trust called a “Testamentary Trust”. In order for the Last Will and Testament to be valid legally, it must be prepared and executed precisely as provided for in the law. If the exact legal requirements are not met, the Will likely will not be accepted for probate.
Trusts and Wills clearly spell out who your beneficiaries are and how and when assets will be distributed to them. Properly drafted Trusts and Wills can ensure that your assets will be protected for your family for generations to come.
Ronald Fatoullah & Associates is nationally recognized as a trusted leader in estate planning. The firm handles all drafting, administration and litigation needs for your family's estate.
Specifying what you want to do with your estate can save your family time, money and heartache, and will ensure that your wishes will be honored. The law allows a wide range of planning options for you, your spouse, your children and your family. Don't wait to take advantage of the powerful and secure estate planning tools available to you now.
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