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The law of trusts is one of the oldest areas of law. Simply put, a trust is a relationship whereby property is held by one party for the benefit of another. But when might you yourself need or want to establish a trust?
There are many different circumstances in which an individual or corporation might seek to establish a trust. Whether an inter vivos trust settled by a living person, or a testamentary trust created as part of an estate plan and a will, these important legal tools are invaluable in wealth planning, asset management, tax reduction, and income distribution to family members and incapable individuals. For instance, assets can be placed in a trust to facilitate their passing directly to beneficiaries on your death, thereby avoiding the expense and delay of probate. Income and assets received by a disabled individual can be placed in a trust that can be designed to prevent that individual losing their benefits. Other trusts include alter ego trusts, joint partner trusts, insurance trusts, and trusts to assist with splitting income amongst lower-income family members. The options are extensive.
At MBZ, we provide professional guidance and services regarding the use of trusts. When selecting a trust to meet your needs, we at MBZ can provide you with advice that is tailored to your own situation.
Contact any one of our Trusts experts to discuss your needs and receive prompt and professional service.