Trust Drafting & Trust Management
Nashville Trust Drafting and Trust Management Attorneys
Strong Advocates for Planning Your Future
Trusts are an essential piece of your estate plan, either in conjunction with a last will and testament or in place of one. A trust is managed by an appointed trustee, who manages and distributes your assets in accordance with your wishes.
Many utilize trusts in an effort to preserve assets and protect them from creditors, estate taxes, or probate court. Trusts can help you define the beneficiaries of your assets before and after you pass away, including specialized categories that focus on minor children or those with special needs.
However, there can be a great deal of coordination required in drafting and managing any type of trust, leading many to shy away from creating one. Our team at Lackey | McDonald, PLLC can serve as your one-stop shop for trusts, managing everything from the drafting and formalizing to the day-to-day tasks involved in its administration.
Some of the trust categories our Nashville trust drafting and trust management lawyers can assist you with include:
- Revocable trusts – you can continue to alter, expand, or remove conditions, with no assets transferring to beneficiaries until you pass away; you keep ownership of assets placed in this trust type
- Irrevocable Trusts – the terms of this trust type can only be modified with the authorization of the beneficiary or beneficiaries you name; you do not keep ownership of assets placed in this trust type
- Living trusts – you retain control over the trust while you are still alive, with the trustee taking over once you pass away
- Minor trusts – you can hold and protect assets specifically designated for a minor child, typically held until they become a legal adult
- Special needs trusts – you can hold assets for a special needs individual while still allowing them to qualify for and receive essential government disability benefits
- Life insurance trusts – you can set a beneficiary for proceeds from a life insurance policy
- Grandchild trusts – you can set aside funds for a grandchild, either for general spending or a specific purpose, like a college education, a car, or a home
- Educational trusts – you can invest funds in your children’s future education
Writing a sound, robust trust is not a simple endeavor, especially if you have multiple beneficiaries or are confused about what trust type makes sense for you. That is why employing the trust drafting services of an experienced attorney can be vital to your estate plan.
Our qualified lawyers have experience in drafting trusts and can help you avoid common pitfalls, loopholes, and other issues that could arise in an improperly assembled estate planning document. We can evaluate the goals of your trust, help you identify additional items and eventualities to consider, and assist in guiding you to the category of trust that best suits your needs. Remember, this is the document that will shape your legacy. A trust will govern what happens to your wealth and assets and can be of substantial importance to your loved ones before and after you pass away.
Once your trust has been drafted and formalized, someone will have to manage your trust. These duties typically fall to the trustee you designate, but you may not have a trusted individual with the bandwidth and understanding of the legal or financial systems involved to effectively manage your trust.
Instead, you can retain the services of an experienced attorney to serve as your trustee. Our team has significant financial and business acumen, equipping us to handle the critical wealth management aspect of trusts. We also have a fiduciary duty to you and your trust, meaning we cannot and will not act in such a way that is not in your or your trust’s best interest.
We understand estate planning is not the most pleasant of tasks, but it is important you take steps now to protect you and your loved ones’ futures. A trust can be one of the most powerful tools in your estate plan, but only if it is properly drafted and managed. Our team at Lackey | McDonald, PLLC has helped clients throughout Nashville for many years, earning us an exceptional reputation throughout the state of Tennessee. We are committed to giving your trust the personalized, hands-on attention you and your loved ones deserve.