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Types of Trusts in Manassas

Manassas Estate Planning Lawyer

If you are interested in creating a trust, it is important to understand the basic terminology. A trust is a legal document that gives an appointed trustee control over certain assets. The trustee can be an individual person, bank or trust company. The trustee holds the assets for the benefit of another, the beneficiary. The assets are then distributed to the beneficiaries either after the grantor passes away or during a specific time indicated in the trust. Trusts can be extremely beneficial; they can help you manage your property and assets, ensure that your wealth is distributed according to your wishes after your death and save your family valuable time and money.

When creating a trust, it is important to know that there are a lot of options available to you. Five main trusts include living revocable trusts, irrevocable trusts, special needs trusts, pet trusts and gun trusts. As a Manassas estate planning lawyer, no matter what your circumstances, I can help you choose and create the right trust.

A living revocable trust, also known as an inter vivos trust, can be altered at will. During your lifetime, circumstances may change in which you would want to alter your trust. It is called a 'living' revocable trust because it is created during your lifetime.

On the other hand, an irrevocable trust is one that you are unable to alter, change or revoke (some exceptions may apply). During times that you receive deductions from charity, an irrevocable trust is required. To learn more about these differences, it is important that you speak with a Manassas estate planning attorney immediately.

Decide what Type of Trust is Right for You There are specialized trusts available to you. A special needs trust is important to have when you are thinking through assisting a family member that is either physically or mentally disabled. If they were to inherit money, government assistance may cut back on the money they provide, which is why a special needs trust is set up to help protect them.

In regards to a pet trust, these are set up to provide care and assistance to any pets left behind after you die. With either a special needs or pet trust, you can feel at ease knowing that the people and animals you love will be safe and well taken care of. When it comes to a gun trust on the other hand, this the best way to protect your guns and determine who will inherit them. When a gun is inherited, it stays a private matter and does not go on public record.

When attempting to determine which type of trust is best for you, you are no doubt laden with confusion and questions. With Morisi Associates, PLLC on your side, you will not be alone in this process and will receive the clarity and answers you need. From gun trusts to special needs trusts, my firm can help set up the right trust for you and your family. Whether you have general questions about trusts or you are interested in creating one, I would be more than happy to assist you. Contact my Manassas estate planning office today and get started immediately!

Morisi Associates, PLLC - Manassas Estate Planning Attorney
Located at 9200 Church St
Suite 202

Manassas VA 20110
Phone: (703) 468-8031
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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