A grantor trust is one type of trust you can set up as a part of your estate plan. Usually, this particular type of trust is a good option for anyone who still wants to maintain some control over their assets. A Des Moines trust lawyer can tell you more about how one works and if this is an arrangement that can benefit you.
Get Help TodayYou can set up a grantor trust and fund it with your own assets. You retain complete control over everything inside. The grantor can also choose beneficiaries for certain assets, add new assets to the trust, or use income generated by it. Some people worry that a trust will not give them control over their own assets and lives, but that is not how this kind of arrangement works.
Another benefit of a grantor trust is that your property does not have to go through the probate process when you pass away. Just set up your trust and name your beneficiaries. This saves your family time and it can help your family reduce how much money your estate needs to spend to settle all of your affairs.
You continue to stay in control of this trust. It’s revocable, meaning that the rules can be changed. If you need to take something out of the trust or disinherit someone, you can do that. It’s also possible to change the rules if you get married, have another child, or experience any other kind of major life event. If you don’t like how this arrangement is working out, you can also decide to just dissolve your trust.
Many people who set up a grantor trust manage it themselves, but you do not have to do that. You can choose a trustee, like a reliable family member or even a professional like a lawyer. The trustee manages the trust and its assets for you.
Even if you plan to manage the trust yourself, it’s smart to choose a trustee as well. This person would be able to step in and manage your affairs if you were to pass away or become incapacitated.
We do suggest having a lawyer’s help if you plan to set up a trust. There are different types of trusts and an experienced estate planning attorney can help you find one that suits your needs. We can also make sure that all of your arrangements are legally binding so that you and your family don’t have to worry about legal headaches later on.
If you are thinking about setting up a trust of your own, contact Herting Law, PLLC. We would love to hear about what you would like to do with your estate and assets. We bet we can help you figure out some effective ways to protect what you have and pass it on to the next generation.
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