A trust is a legal agreement that outlines how you want your assets distributed upon your death. They are a good option if you want to avoid probate and reduce estate taxes on your assets. There are three people involved in a trust. There is the person who creates the trust, or the grantor or trustor. The second person is the trustee, who is the person named as manager of the trust, which can be the same as the trustor. The third party is the people who receive the benefits from the trust. They are also known as the beneficiaries. Below, our attorney in Raleigh NC talks about a trustee's duties.
Trustee's Duties | Attorney in Raleigh NC
Your trustee may be tasked with increasing the value of the trust by managing how the assets are being used. He or she may want to oversee how they are invested. In order to protect the trust, the trustee should take into consideration how the assets are divided.
No one should “put all their eggs in one basket” as the old adage goes, and that is true with investments as well. Investment experts have recommended that investment portfolios be diversified to accommodate changes in the stock market. A person can reduce the risk of losing everything in one segment if they are spread out among many different stocks, mutual funds and other investments.
Remember, if you are not sure how to manage your finances in a trust, you can seek guidance from a lawyer who has experience in estate planning such as an attorney from Eldreth Law Firm. An attorney in Raleigh NC will be able to interpret the law and help you figure out the best plan of action when it comes to protecting your trust.
Be sure to visit back with other blogs in this series to learn more about protecting trusts:
Eldreth Law Firm, PLLC | Attorney in Raleigh NC
As always, feel free to contact us with any questions or concerns you may have about trademarking or other legal situation. Our attorney in Raleigh NC is here to help you with all your legal matters, whether it be entertainment law, trademarking, copyrighting, or DWI issues.
Also contact us to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. When planning your estate, you may want to consider which assets are subject to probate and which are not so that you can make the best decisions in how you designate heirs. If you need additional help, reach out to our attorney in Raleigh NC to ensure that you are creating the best plan for your situation.
