Nashville Trusts Lawyer
A trust is an arrangement in which a trustee holds legal title to property for another person, called a beneficiary. A beneficiary can be the trustee of his or her own living trust if they wish, keeping full ownership and control of properties held in trust.
A living trust is a trust created while alive – for the younger generation, your children, or even your pet – while the courts create your regular trust by the terms of your last will and testament after death. The reason people make living trusts is to prevent their families from undergoing the delays and costs of probate courts. A living trust does not take the place of a will; they work together to handle property disbursement.
Should I Consider a Living Trust?
In Tennessee, an AB trust can reduce estate tax bills for couples with high value assets. An AB trust helps wealthy couples by keeping the property of the deceased spouse and the surviving spouse separate – limiting the amount the surviving spouse must pay in taxes. Other reasons to consider a living trust are to safeguard property, maintain control of property even after death, and decide on your own who should be in charge of your property.
Most people make themselves the trustees of their living trusts to have legal title to the trust property. This grants the individual legal rights to use the property as they see fit (and as permitted by law), while retaining equitable title – the right to benefit from the property as laid out in the trust. The benefits of being your own trustee is having legal rights, responsibility, and control over your own properties. You can name a successor trustee as a backup to take over trust properties if something happens to you.
How Do I Make a Living Trust in Tennessee?
To have a living trust in Tennessee, you must write up a trust document that clearly states who your trustee is (if it’s you, state that) and who will inherit trust property. It’s wise to seek the council of a professional trust attorney when writing up your trust to gain helpful legal advice about who to name as trustee, how the trustee should handle responsibilities, and more.
Next, you must sign the document in front of a notary public. This makes the document legally binding in a court of law, and your survivors will be unable to contest it on the grounds of being unofficial. If you named yourself the trustee of your property, transfer properties such as your car and house to your name as trustee. An experienced attorney should write up a revocable trust agreement, so you have control over making changes or ending the trust whenever you wish.
The attorneys at Larry R. Williams, PLLC, can write up living trust documents for you quickly and efficiently, asking you a few questions about yourself and your property to customize your trust document for your individual needs according to Tennessee state laws. Making changes to a trust is easy with the help of our practiced attorneys, who help people with their trusts nearly every day.
Talk to Our Capable Tennessee Trust Attorneys
Depend on the experienced and knowledgeable lawyers at Larry R. Williams, PLLC, attorneys at law, to handle your trusts. We provide expert legal advice and services to you and your family members in relation to trusts, and we are more than happy to stay in touch should you need to adjust your trusts in the future.
There are many considerations when creating a trust, deciding on a trustee and/or successor trustee, and designating trust properties. To get started on your living trust today, contact the attorneys at Larry R. Williams, PLLC, for a free consultation.