Planning for the Future
Planning for the Future

Trusts - Should You Have One?

Establishing a trust can have numerous benefits for you and your family.

What is a trust?

A trust is an arrangement whereby you, as the grantor or settlor, transfer assets to a trustee who then manages those assets for the benefit of beneficiaries named in the trust document. The beneficiaries may include yourself and other individuals or organizations that you specify.

Why create a trust?

How is a trust created?

Who may serve as trustee?

Who should you name as trustee?

Do you give up control by creating a trust?

How will a trust affect my tax situation?

What should be included in your trust document?

Since a trust is a legal document, its language can be complicated . Tax laws that will affect the trust also can be complex. We recommend that you consult your attorney and tax advisor before creating a trust. Your attorney is also best prepared to create the documents you will need to establish your trust.

If you are considering naming JCB as your trustee or successor trustee we prefer to review your plans and documents before your trust is completed. You may benefit from this also as we can often make helpful suggestions.

This information is not intended as legal advice. You should consult your attorney regarding your specific situation.