What is a Trust? Trusts are devices used by lawyers, which allow you to retain control over an asset while legally no longer holding title to the property. For example, if you own a home – you might want to put that home in trust. This would mean the new owner of the home is the Trust you set up. You would no longer own your home, but you would be the beneficiary (and likely the Trustee) of the Trust that owns the home; so, in reality there is no real difference. Why would you do this? Trusts offer many advantages: privacy, tax planning, protection from creditors and more. For example, say you put your home in an irrevocable trust. Since you no longer own the home,, if creditors were pursuing you, say for the cost of a nursing home – the trust may protect your home from those creditors. There are some exceptions and each scenario and trust would have to be reviewed directly by Attorney Melcher to ensure its protection is sufficient to meet your needs. She is here to answer your questions and happy to set up a free consultation at any time.
There are many kinds of trusts. All trusts are either revocable trusts (which you always have the power to change) or irrevocable trusts (which you cannot change). The types of trusts vary from pet trusts to realty trusts to general trusts that you can use to hold all of your assets. More information is provided on the following trusts: