About Trusts Law in Frankfort, United States
A trust is a legal arrangement that allows a third party, known as a trustee, to hold and manage assets on behalf of a beneficiary. Trusts law in Frankfort, United States, covers a wide range of aspects such as creation of a trust, its administration, as well as its termination. Just like the rest of America, a trust in Frankfort, either living or testamentary, is not considered as a 'legal entity', thus, it doesn't pay income tax at the entity level.
Why You May Need a Lawyer
Because trusts are intricate legal documents that often carry tax implications and also can control how and when assets are dispersed, it’s advisable to have an attorney draft or review the trust document. Additionally, if you're a trustee, you may need a lawyer to guide you in your responsibilities and liabilities, and to advise during disputes about the trust.
Local Laws Overview
In Frankfort, there are specific local laws relating to trusts. In order to create a trust, the settlor must have legal capacity, intention to create a trust and a definite beneficiary. The trust property needs to be specific, and trust terms must be clear. Also, the Rule against Perpetuities applies to trusts in Frankfort, preventing trusts from lasting forever. The state law also supplies rules for trust administration, including trustee duties and powers, trustee compensation, and beneficiary rights.
Frequently Asked Questions
Q1: What is the purpose of a trust?
A trust serves to manage and efficiently distribute our assets to our heirs, avoiding probate and providing tax advantages.
Q2: Can I serve as my own trustee?
Yes, in most types of trusts, the creator can also serve as the trustee.
Q3: Does a trust provide protection from creditors?
Some types of trusts, like asset protection trusts, can provide protection against creditors, but it may vary on case-by-case basis.
Q4: What is a revocable trust?
A revocable trust, also known as living trust, is a trust that can be changed or revoked by the creator during his or her lifetime.
Q5: Can a trust be contested?
Yes, a trust can be contested, but the claims must be grounded on reasons such as undue influence, lack of capacity or the existence of a later trust.
Additional Resources
Check out online resources such as the ‘American Bar Association’ and ‘Legal Services Corporation’ for more guidance. Local law libraries and legal aid societies can also provide useful information. Kentucky’s official government website provides updates on new and existing trust laws.
Next Steps
If you need legal assistance in trusts, seek advice from a Kentucky-based attorney specializing in trust law. Prepare a list of questions and gather all relevant documents before meeting the lawyer to ensure a productive session.
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