Can a Trust Be Set Up After Death?

Understanding the Concept of Trusts

Before we delve into that, let’s first clarify what a trust is.

Defining a Trust

In simple terms, a trust is a legal arrangement where a person, known as the trustor, gives another person, the trustee, the right to hold and manage assets for the benefit of a third person, the beneficiary.

Benefits of a Trust

Trusts are established for various reasons. They can provide financial protection for the beneficiary, control over the distribution of assets, and can potentially reduce estate taxes.

Setting Up a Trust After Death: Is it Possible?

Now, back to our question – can a trust be set up after death? The answer is yes, through what’s known as a testamentary trust.

The Role of Testamentary Trusts

A testamentary trust is created through a will after the death of an individual. This type of trust does not exist until the individual passes away. The will’s terms dictate how the trust is to be established, who the trustee will be, and who the beneficiaries are.

When a Trust Can Be Established After Death

Trusts can be set up after death to manage the distribution of the deceased’s assets, especially when minor children are involved, or to provide for a disabled loved one. They can also be used to protect the interests of beneficiaries who might not be capable or ready to manage significant assets.

How Hess-Verdon & Associates Can Help

At Hess-Verdon & Associates, we understand how daunting this process can be. That’s why we’re here to help.

Our Unparalleled Estate Planning Expertise

We bring over three decades of experience in estate planning, business, and commercial litigation. Our unparalleled estate planning expertise ensures that we can guide you through every step of setting up a trust, even after the death of a loved one.

Our Commitment to Our Clients

We are committed to delivering comprehensive, results-oriented legal counsel. We pride ourselves on our extensive background in trial preparation, strategy, and presentation. At Hess-Verdon & Associates, we serve trustees, beneficiaries, business entities, and real estate partners with dependability and sophistication in trust and probate litigation.

Conclusion

In conclusion, setting up a trust after death is indeed possible and can be a beneficial step depending on your unique circumstances. With the right legal guidance, you can ensure that the wishes of the deceased are honored and that the assets are distributed according to their desires. At Hess-Verdon & Associates, we’re here to provide that guidance. Call us today at 1-888-318-4430.

FAQs

Can a trust be set up after death? 

Yes, a trust can be set up after death in the form of a testamentary trust.

What is a testamentary trust? 

A testamentary trust is a type of trust created through a will after an individual’s death.

Why might a trust be set up after death? 

Trusts may be set up after death to manage the distribution of the deceased’s assets, especially in cases involving minor children, disabled loved ones, or beneficiaries who may not be able to manage significant assets.

How can Hess-Verdon & Associates assist with setting up a trust after death?

With over three decades of experience in estate planning and trust litigation, Hess-Verdon & Associates can guide you through every step of setting up a trust, ensuring that the assets are distributed according to the wishes of the deceased.

How can I contact Hess-Verdon & Associates? 

You can reach Hess-Verdon & Associates at 1-888-318-4430.