It is a common misconception that trusts are only for the wealthy. In fact, many of us could benefit from having one or more. A trust can supplement or largely replace a will, as well as manage property during your lifetime.
A trust manages the distribution of your property by transferring it to different people. There are many benefits to this and for some people it is the best option. When planning your estate, you want a lawyer who understands you as well as the law. The team at The Law Office Of Paul D. White P.A. has helped countless clients in Saline County create and update their trusts. We can help you, too.
Creating A Trust: What You Need To Know
Creating a trust involves many steps. The property owner, or trustor, transfers ownership to a person or institution (called a trustee) to manage that property. They often will receive compensation for their management role and they must act in the best interest of the beneficiary, or the third party that the trust is set up for. There are many things that can influence the provisions of your trust including your age, the size of your estate and your marital status.
Arkansas has not adopted the Uniform Probate Code, which means that the state procedures are not so simple. While your will may be valid, the court still needs to approve it, which can cause a delay. If you have a trust, however, you can speed up this process. There are many different types of trusts and it can be difficult to know which one is best for you. This is where our team can help. From beginning to end, we will work with you to create thoughtful, legally sound documents to achieve your estate planning goals.
Get Your Questions Answered In A Free Consultation
If you have questions or are interested in setting up a trust, contact us to take advantage of a free initial consultation with an experienced estate planning attorney. Call our office in Bryant at 501-847-5556. You can also reach us online.
