What Can A Trust Do?

A trust is an arrangement under which ownership of assets are divided between a trustee and designated beneficiaries. The trustee has an obligation to manage the assets for the benefit of the beneficiaries, and must pay out the assets according to the instructions in the trust. Many people create a trust as a way to preserve assets and pass them on to relatives, loved ones or a favorite charity without the costs of probate (the process to transfer title of assets after death).

At Herbold Law PC, our lawyer helps individuals and families with a variety of trusts, including:

  • Revocable trusts/Inter vivos trusts/Living trusts: a trust you can change during your life.
  • Irrevocable trusts: a trust that you do not have the power to change, unless certain conditions are met.
  • Testamentary trusts: a trust you create in a will.

When you come to us for help with a trust, we take the time to learn about you, your family and your long-term goals. With your help, we create a trust that is customized to meet your long-term financial and legal goals.

The Role Of Trusts In Estate Planning

Everyone should have some kind of estate plan, starting with a will. A will is a legally binding document that allows you to make important decisions, such as how you want your assets to be distributed and who should be appointed guardian of your children. However, many people create a trust in order to preserve assets, avoid probate and provide more for their loved ones for a longer period of time.

Like a will, a testamentary trust goes into effect upon the person's death. This can offer many benefits, including preserving assets and giving you a greater say in how they will be distributed.

A revocable trust, also known as a living trust, goes into effect during your lifetime. For your beneficiaries, you can name your loved ones, a charity or even yourself. There are many options available, and trusts can be customized to meet many different purposes.

Find Out How A Trust Can Help

To discuss your estate planning options, and to learn whether a trust is right for you, call our attorney in Iowa City, Iowa, at 319-887-3476 or Grinnell, Iowa, at 641-236-0380. You can also contact us by email.