Trusts That Safeguard Your Future
Trusts are a powerful tool for managing and protecting your assets, ensuring they are distributed according to your wishes. At LB Legacy Estate Services, we specialize in creating and managing trusts tailored to your unique needs.
What is a Trust?
A trust is a legal arrangement where a trustor transfers assets to a trustee to manage for the benefit of a beneficiary. The trustee is responsible for following the trustor's instructions and acting in the beneficiary's best interests. There are various types of trusts, including revocable trusts (which can be altered during the trustor's lifetime) and irrevocable trusts (which cannot be changed once established). Trusts offer benefits such as asset protection, estate planning, tax advantages, and privacy, as they are not subject to public probate proceedings. They are an effective way to manage and distribute assets according to the trustor's wishes.
Why Use Trusts?
A Trust can be a very useful way of protecting an asset for the future benefit of named individuals, the beneficiaries. For example, a Trust would have to be set up if the beneficiaries of a Will were under 18, as legally they can’t inherit until then.
Discretionary Trusts can also be created to protect “attack”. The person setting up the Trust (the Settlor) can “give away” the asset but retain some control via the Trust document. Importantly the beneficiaries of a Discretionary Trust have no “right” to the Trust assets as it’s at the discretion of the Trustees how and when the assets are distributed. For example, if a potential beneficiary were to get divorced it could not form part of the settlement. The same principle applies for venerable beneficiaries e.g. disabled or reckless individuals.
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We’re here to help with all your estate planning and probate needs. Whether you have questions about our services or want to schedule a consultation, please reach out to us. Our experienced team is ready to assist you with professional, personalised care. Contact us today to take the next step towards securing your future and protecting your legacy.
