In 1929, Judge William Rhodes Harvey defined a Trust:
“It protects the living and serves the dead, befriends the widow and orphan, guides the aged, strengthens the weak, curbs the imprudent, represents the incompetent, advises the hesitant, plans for the inexperienced, encourages the timid, administers to charities, gratifies its claim to be an incorruptible friend. It is the best friend of many households, the repository of many confidences, the instrument to motivate the cherished plans of those who cannot live to do so.”
Trusts have been used since the Middle Ages to hold assets for others when the need arose. Trusts can be used to insure that assets are transferred from one generation to the next, and in some cases, the next several, with continuity and proper tax treatment.
When an individual has worked, planned and accumulated assets, or when one has received such assets, a trust can offer many advantages. A trust can be an important part of estate planning. It can also provide a safe environment for your assets during your life with many options for treatment and disposition of assets.
If you have worked with a financial advisor to build or manage your wealth, a trust may continue that relationship, preserving your investment strategies.
If you have questions regarding trust administration, we can provide helpful information about forming and working with existing trusts. We offer choices in trust administration that may be important in your planning processes.
Contact us when you are ready to discuss your situation.