wills and estates
At Tannahill, Lockhart & Clark Law, we have significant experience and knowledge regarding Trust Agreements. We provide our clients with the legal counsel and guidance they will need in situations where Guardianship is required.
What is a Trust Agreement?
A trust agreement is a document that spells out the rules that you want to be followed for property held in trust for your beneficiaries. Common objectives for trusts are to reduce the estate tax liability, to protect property in your estate, and to avoid probate.
As a formal agreement, a trust agreement usually takes the form of a contract. In this contract, a trustor confers the ownership rights of one or more assets to a trustee. The document typically details why this transfer is taking place, which is often for the purpose of conservation or protection of assets. At its most basic, a trust agreement defines the purpose of establishing the trust, the terms that must be fulfilled to terminate the trust and the full details of the assets placed in the trust. It also spells out what powers and limitations the trustees hold and what sort of provisions may affect them, as well as any compensation the trustees may receive.
Take advantage of our years of experience and knowledge:
Tannahill Lockhart & Clark Law can help guide and assist you with Trust Agreements. We can advise you of the various purposes for putting property in a trust; help you to set-up a trust fund; and ensure that your agreements provide you with all of the benefits of a trust, such as reducing tax and avoiding probate, to name just a few. Contact us today.