Trust Lawyer North Kingstown, RI
A trust lawyer in North Kingstown, RI understands that trying to find the best way to ensure your family is taken care of when you are gone can be confusing. One of the best estate planning options in Rhode Island that individuals may utilize is trusts. We can explain the different types of trust options there are and how each one may or may not benefit your particular situation. The following is an overview of how trusts work.
Parties in a Trust
When you form a trust, there are three parties who are involved. They are:
- The grantor: This is the party who is giving the property.
- The trustee: This is the party who oversees the property that is in the trust.
- The beneficiary: This is the party for whom the trust is created.
A living trust is similar to a will, however, unlike a will, a living trust is not required to go through the probate process. When the person who set up the trust dies, then the property of the trust immediately goes to the beneficiary. There is no waiting period like there is in the probate process.
The grantor has different options in setting up the trust, as well. The beneficiary may receive control of the trust property right away or the grantor may set stipulations when property can be accessed from the trust and who has oversight or control over the trust.
The grantor also has the option of setting up the trust as revocable or irrevocable. A revocable trust can be changed or canceled at any time by the grantor. An irrevocable trust cannot be touched at all once it has been established. Your North Kingstown, RI trust lawyer can explain which of these two options will work best in your situation.
If the grantor decides that there should be a trustee overseeing the trust for the beneficiary, then there are certain powers the trustee has under the law. These may include:
- Sell or negotiate property held in the trust
- Enter leasing agreements (such as in rental properties)
- Mortgage any property held in the trust
- Sell or purchase stocks, bonds, or other security transactions of the trust
- Execute contracts or other binding instruments
- Make improvements to trust real estate
- Grant easements on trust property
- Pay taxes and other financial obligations on trust property
- Retain the services of attorneys, accountants, or other advisors for the benefit of the trust
Contact Our Office for Assistance
Trusts are just one part of estate planning. Other tools you may consider include wills, power of attorneys, living wills, and advance directives. Call McCarthy Law, LLC to meet with a North Kingstown, RI trust lawyer and let us help you ensure your family’s future.