Trust Administration in Memphis, TN
What is a Trust?
A Trust is an entity that contains specific items from an estate that is managed by a Trust agreement that outlines the rules
to be followed when managing the property. Generally people create a trust to reduce the estate tax liability, to protect property
in your estate, and to avoid probate.
What types of Memphis Trusts are available?
There are many types of Memphis trusts available, here are 4 main types of trusts:
Revocable Trusts
in Memphis go by multiple names including Living Revocable Trusts and Revocable Trusts
however, there are no differences in features.
Irrevocable Trusts
in Memphis are made up of two types: Living Irrevocable Trusts, funded by the living Trust maker and Testamentary Irrevocable Trusts, funded
and created after someone's death. Irrevocable Trusts differ from Revocable Trusts in that they can not be amended or changed
after their creation. Read about both to determine which trust fits you better.
Family and Marital Trusts are a part of a Living Trust used to maximize the amount of belongings
dispersed to family members while minimizing the amount of taxes paid to Federal and State.
Special Needs Trusts are a type of trust created for beneficiaries that are eligible for government
assistance. They are created in order to keep the money in a Trust so the beneficiary income does not go above the minimum
requirement of assets and income.
How do I plan my Trust?
There are many steps in planning a Trust that depend on the type of Trust you need established. A Trust generally involves
some form of Estate Planning. If you are the
trustee, things are a little simpler. The most important step to planning a Trust is to decide what type of trust you
want and to make sure that you abide by the rules of that particular type of trust to make sure that it’s proper and legal,
and carries out your intentions. Once you have chosen which type of trust you want, then make your plans for your beneficiaries.
Whether you are the trustee, or grantor, or settlor, it is a good idea to consult a
Memphis Attorney to obtain the proper rights to begin
the Trust establishment process.
What should I look for in a Memphis Attorney for Trust Administration?
When choosing an Attorney to assist you in any matter it is always important to find an attorney you feel comfortable
talking to. This is important because you will be sharing personal information with your Memphis Attorney in order to setup a Trust. Meet with the
attorney and find out how many Trusts they have administered and the range of values of the Trusts as well. It is important
to know if the attorney has dealt with a Trust that is similar to yours and if they have a good experience establishing a Trust.
When should I start planning my Trust?
You should start planning your Trust as soon as you decide you need one. Once you have decided you need a Trust consult
an attorney to have them go into detail on what you will need. A good Memphis Attorney will have a list of information you
need to bring with you once you have chosen them as your attorney. If you plan on changing your Trust you will want to plan
on setting up a Revocable Trust since it can be changed as
your life changes.
I am married, should I still plan a Trust?
A trust can be useful even if you are married. The trust can designate how you would like your belongings disbursed, and
can also be used to shelter real estate from some debt and taxes incurred by an estate.
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