A Trust is a legal relationship between a Trustor, a Trustee, and one or more beneficiaries. The Trustor is the person who establishes the Trust and transfers title or legal ownership of specific assets to the Trustee. The Trustee is under a fiduciary duty to manage the Trust property for the benefit of the beneficiary named in the Trust agreement or in the trust created under the terms of a person’s Will. The Trustee is required to follow the instructions in the Trust document and the beneficiary is entitled to the benefits of the Trust.
Married couples with large estates exceeding two million dollars of net worth can often benefit from properly drafted trust in a will designed to save estate taxes, and yet provide the maximum flexibility permitted under the law for the surviving spouse to have access to the trust funds.
Paul Houser, Jr. has extensive experience in preparing many different types of trusts for estate planning purposes, including trusts for minor children, credit shelter trusts, living trusts, and special needs trusts.
A living trust is often a helpful estate planning tool which can be used to avoid probate, and is just as important to protect the assests of an incapacitated person or someone who has capacity but wants legal protection in handling their financial affairs.