Franklin Trusts in Divorces Attorney
Experienced Trusts in Divorces Attorneys in Franklin, Tennessee
When you are entering into a divorce, there are many factors that need to be considered and analyzed. For some, one of these factors is what happens when there is a trust involved. A Franklin trusts in divorces attorney will be able to effectively answer any questions you may have regarding trusts and how they are handled in divorce proceedings. It is important to understand what exactly a trust is in order to determine if this is something relevant to your case.
A trust is a very useful tool for managing assets, be it investments or property. The person who creates the initial document and helps transfer all of your belongings into it will become known as “the settlor.”
The settlor will be able to name anyone they want as beneficiaries, classes of people (like “grandkids”), or groups. They can also specify who is entitled to the trust and when distributions must happen. This might include setting an amount that’s being given out every year or even placing restrictions on how much money goes where.
Trusts can be used for a variety of purposes, from leaving money to charity or setting up an investment portfolio. The most common type is where the settlor wants both income and capital distributed among one or more classes – sometimes named beneficiaries. A trustee will legally hold onto these assets on their behalf; they’re responsible for managing all aspects within this legal agreement between themselves and your family members who might need access at some point in time.
When a trust is set up, there’s often an official protector who has the power to dismiss the active trustees and instead appoint new ones. Trusteeships vary based on the final terms of your will but this person should always be someone you trust deeply enough for them not only to watch over what happens with regards to their investments but also to monitor any illegal activity that may occur as well.
Should You Create A Trust?
You can create a trust to mitigate tax, especially inheritance tax. They’re good for privacy too because the real identity of beneficiaries won’t be available as public information and all assets are registered under the names of trustees. Trusts also help people who might not have enough money on hand themselves – say due to their age; some may need assistance managing funds until they reach adulthood or are capable of handling them themselves.
Types of Trusts
The bare trust is a popular way to manage assets for children who are still minors. The trustee will help with all of the investment and financial aspects on behalf of the children, but once they reach legal age (usually twenty-one), then you can no longer control their income or capital gains from what’s in this type of account.
Fixed Interest Trusts
The fixed interest trust is a very popular form of inheritance that provides beneficiaries with an agreed-upon percentage share in the assets. These types of trusts usually have some special conditions attached to them such as when one beneficiary dies or reaches a certain age -usually between 55 and 65 years old.
The grantor in this form of trust provides directions for how they would like the assets distributed. Nevertheless, as with all trusts, there’s room for discretionary decisions by trustees who will ultimately decide when and what amounts are left behind at their discretion following whatever instructions have been given through letters or documents overseen during the creation process.
The court is usually required to determine whether there will be any distributions from a discretionary trust in the divorce. If so, they must figure out how much each member gets and when it’s going to happen.
Reach Out to Our Franklin Trusts in Divorces Lawyers
If a trust is a part of the assets you’re bringing into a divorce settlement, it is wise to invoke the help of a lawyer specializing in trusts in divorces. This will ensure that you are fully covered and that you will have the support required to have your expectations met. Contact our Franklin trusts in divorces attorneys at Rogers, Shea, and Spanos today for a free consultation.