A trust is a legal vehicle to transfer property for any of a variety of reasons. In many situations, a trust can prove even more fundamental to a coherent estate plan than a last will and testament, particularly when there are unusual circumstances, beneficiaries with special needs, or when professional judgment, management services, or investment services are desired.

If you are thinking about establishing a trust fund for your children, a charity or another family member or organization, contact an attorney at the Law Offices of Robin S. Gnatowsky in Glen Allen, Virginia.

Benefits

The most popular use of trusts is for the conservation and management of property on behalf of young or incompetent beneficiaries. By establishing a trust fund, you can help ensure your assets are passed down to your children and other family members at the appropriate time.

Trusts can also be used for more sophisticated and orderly management of investments and can sometimes offer tax benefits. Placing assets in a trust fund may reduce or eliminate estate and death taxes later on.

An "inter vivos" trust, or one created during your lifetime, also may have advantages of minimizing probate costs and avoiding the requirements of annual accountings with regard to estate property after your death. Because an inter vivos trust need not be probated with the court like a will, it may provide privacy in the transfer of property at death.

Depending on your personal situation and needs, the advice of a lawyer can be helpful in determining whether a trust should be used in your overall estate plan, and whether it should be "inter vivos" or "testamentary," "revocable," or "irrevocable." Sometimes more than one type of trust is helpful to achieve different or coordinated goals.

To learn more about trusts and the advantages they offer, contact our offices in Glen Allen, Virginia.