A trust is an agreement that a third party will assume the management and control of your assets or property you donate to charity. For example, you might want to appoint someone to take charge of your property at your death and transfer it to your child when he or she becomes an adult.
Here at McGavick Graves, P.S, we pride ourselves in having a proper understanding of the law and helping clients to handle matters to do with probate, estate planning, and trust services. We have a holistic approach to every case, and we ensure our clients meet their goals.
Let us look into the types of trust options for you. First is the living trust. That is a trust that takes effect while the settlor is still alive. Second is the testamentary trust, which only takes effect at the death of the settler. Also, a living trust can either be revocable or irrevocable.
For a revocable trust, you can make any changes to it, while for an irrevocable trust, the settlor does not have a right to change anything because they surrender ownership.
Most parents choose revocable trusts for different reasons. However, the most common reason why revocable trusts are popular is uncertainty. For instance, along the way, you may get divorced, or your beneficiary faces some change in their life, like developing a mental problem. Also, some beneficiaries may grow and start displaying unbecoming behavior in their teenage.
In all these circumstances, you can make changes to your agreement to suit the current situation. For example, when the behavior suddenly changes, you may order that the property gets served in installments until they are 30 or 40 years.