Why Use A Trust For My Estate Planning Needs?
When you pass along estate gifts to heirs and beneficiaries, it is easy for the value of those assets to be lost to estate taxes. Simply giving anyone a lump sum of money or handing over the title to property can come back and haunt that person later on because of financial responsibilities he or she will have as a result.
A trust is a valuable tool for preserving assets and managing assets for others who may be underage or vulnerable to the mismanagement of finances. When you set up a trust, a trustee is responsible for managing and distributing financial assets. Heirs and beneficiaries then have access to those funds for certain purposes, such as only for education. Furthermore, placing assets in a trust protects the beneficiary's right to receive government benefits (i.e., Social Security or disability benefits).
At The Maitland Law Firm, PLLC we handle the full scope of trust preparation and trust administration issues for clients throughout Chapel Hill and the surrounding areas of North Carolina, including those related to:
- Irrevocable trusts
- Revocable trusts
- Special needs trusts
- Educational trusts
Responsibilities As A Trustee
Trustees take on a great deal of responsibility when they handle the financial affairs for trust beneficiaries. They are legally bound to act in the best interests of all beneficiaries and to ensure that the trust is administered properly. The trustee could be held liable for damages the beneficiaries suffered when an error is made or when certain expectations are not met, even if those errors were made accidentally without ill will.
As a trustee, your best chance for personal protection and a well-administered trust is reliable representation from an experienced trust attorney.
We are available to answer questions and be your go-to advisors on all matters related to estate and trust administration.
Schedule a consultation with The Maitland Law Firm, PLLC online or by telephone at 919-914-0833. We welcome your call.