Setting Up A Trust? 3 Important Roles You'll Need To Understand

If you have children, you want to make sure they're taken care of after you're gone. If you want to make sure that the transfer of your assets goes smoothly, and that your estate isn't tied up in probate court for years, you should set up a trust. In most cases, a trust will allow your estate to be transferred to your beneficiaries without the lengthy probate process. Before you create your trust, it's important that you understand the process, including who the key players will be. Here is a brief description of the roles that various people will play in the implementation of your trust.

The Trustor

When it comes to your trust, you'll play the most important role. You'll be the trustor, or the person setting up the trust. It will be your responsibility to fill the roles of the other key players in your trust. When filling some of the roles, it's important that you choose people you can trust – people you know will carry out your wishes without hesitation.

The Beneficiary

After you pass away, your belongings will be divided up amongst your friends and family. Those people will become your beneficiaries. While you can't choose your family members, you can choose whether or not they'll become beneficiaries of your trust. If you choose to include them in your trust, you will name them as beneficiaries and list the items they'll receive from you. It's important to note that you'll be able to determine how your beneficiaries receive their portion of your estate. For instance, if you have young children, you can set up a trust that will allow them to have access to the proceeds once they turn a certain age.

The Trustee

The trustee also plays an important role in the trust. It's the trustee who will oversee the trust and make sure that it's managed properly. Once you pass away, the trustee will ensure that the proceeds from your estate are protected. They'll also ensure that everything is divided up as laid out in your trust. To provide maximum protection, you should designate a successor trustee as well. The successor trustee will step in should the primary trustee become unable to carry out their responsibilities.

Now that you're in the process of creating a trust, make sure you understand the process and the people who will play a part. To make sure that your trust is created properly, be sure to speak to your family law attorney as soon as possible. They can help you avoid costly mistakes. Contact an attorney like Maury K Cutler to learn more.