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In an effort to avoid some of the costs of probate, it has become popular to create a legal document called a “trust” in which instructions for distributions after death are contained and which, if properly prepared, transfers assets after one’s death without court involvement (and formal probate) but which achieves intended post death distribution as effectively as a will.

A trust created to be effective during the lifetime of the person creating the trust is a “living trust” or, in Latin, an “intervivos trust.” A trust contained in your Will becomes operative only upon your death and is called a “testamentary trust.”

A trust is just a unique form of contract in which a person with assets (the “trustor”) enters into an agreement with a trustworthy person (the “trustee”) to hold specified assets for the benefit of a person or group of persons (the “beneficiary”). A trust is quite useful when one wants to protect a person who for whatever reason is unable to have total control of an asset, but to still have the person receive the benefit of the asset.

A trustee has a fiduciary duty to the beneficiaries (equivalent to a spouse to his or her spouse, a lawyer to a client, etc.). If the trustee breaches that duty by taking the assets or ignoring the instructions in the trust document, the trustee is personally liable to the beneficiaries or the trustor – or both. Trust administration, while complicated, can be well-managed with the help of an experienced attorneys at Arcstone Law, who can help trustees navigate the legal responsibilities they now have and better understand their duties in this position. Feel free to give us a call at 855-219-3333.