Simple Steps for a Secure Future
Trust drafting is a fundamental aspect of estate planning. Trusts allow you to account for all of your assets and valuables by outlining plans to reallocate everything, including:
- Property and real estate
- Money, both in the form of bank accounts and/or investments
- Life insurance payouts
Just as not all people and their respective situations are the same, neither are the trusts that could best serve them. The broad umbrella term houses several different trusts meant to accomplish different goals. Our Lackey & Lackey, PLLC attorneys will help you find and draft the trusts that will work best for you and your unique situation.
Before we can manage a trust, it’s essential that we create one tailored to your needs and the needs of the beneficiaries they’re set to serve. Within the three main types of trusts (revocable, irrevocable, and testamentary) there are several more specific documents our Nashville lawyers can assist you with, including:
- Marital trust: a trust that allows for assets to be passed from the decedent to their spouse
- Bypass trust: a trust that also allows for assets to be passed from the decedent to their spouse, and once the other spouse passes, the assets then pass to the beneficiaries, all while being managed by the trustee
- Minor trust: a trust that allows you to protect assets for a minor child, typically until they become a legal adult
- Educational trust: a trust that allows you to invest in your children’s educational future
- Special needs trust: a trust designed to help beneficiaries with special needs receive an inheritance without compromising their eligibility for government assistance
- Totten trust: a trust also known as a “payable-on-death” account, where money is held in a secure account and given to the named beneficiary upon the grantor’s passing
- Spendthrift trust: a trust that provides more control to the trustee for someone where there is concern as to the beneficiary’s financial irresponsibility
This is a non-exhaustive list of trusts available to incorporate into your estate plan. Once you have contacted one of our lawyers, we will be able to evaluate your assets and your beneficiaries to advise on the best trusts to draft to protect you and your legacy.
Once your estate plan is established, trust management allows you to keep your trusts reflecting your desires for the future of your assets and your heirs. Trusts are typically managed by your designated trustee. However, understanding the legal and financial systems involved in managing a trust, on top of one’s busy schedule, may be too much for a trustee in your life.
By hiring a Lackey & Lackey, PLLC attorney to act as your trustee, you can have peace of mind knowing that you have a professional familiar with the ins and outs of trust management on your side. We are dedicated to working in your best interest to protect you and your future. You can trust us on that.
To discuss your specific situation and develop and manage trusts that work best for you and your family, contact our attorneys at Lackey & Lackey, PLLC today.