Best Trusts Lawyers in Greenwood

About Trusts Law in Greenwood, United States

Trust law in Greenwood, U.S., is an intricate body of law that involves creating a legal entity that holds assets for the benefit of others. It involves three parties, the trustor who transfers the property, the trustee who holds and manages the property, and the beneficiary, who eventually receives the property or profits from it.

Why You May Need a Lawyer

There can be numerous situations where you might need a trusts lawyer. These include drafting a trust document, understanding the rules and regulations regarding trusts, and handling complex matters like tax implications. The language of trusts can be complicated, and navigating it requires professional help to ensure your interests are protected and your goals are achieved.

Local Laws Overview

Trusts law in Greenwood follows general U.S. trusts law principles, with some local variations. The formation of a trust requires a written trust instrument, a current intent by a competent settlor to create a trust, an ascertainable trust res (property), and a definite beneficiary. Special kinds of trusts may also have particular requirements. For instance, Greenwood law exempts some kind of assets from revocable trusts from probate needs. It's important to have a local trusts lawyer familiar with these specific rules guide you through creating, managing, or benefitting from a trust.

Frequently Asked Questions

What happens to the property in a trust after the death of the settlor?

The property in the trust remains within it after the settlor's death and will be disposed of according to the terms of the trust.

What is the difference between a Revocable Trust and an Irrevocable Trust?

A revocable trust can be changed or terminated by the trustor during their lifetime, while an irrevocable trust can not be easily changed or terminated without the permission of the trustee and the beneficiary.

Do all trusts avoid probate?

Not all trusts avoid probate. Revocable living trusts are usually established to avoid probate, but some trusts might still be exposed to probate scrutiny.

Will having a trust reduce my estate taxes?

Depending on the type of trust and the specifics of your estate, a trust can help to reduce estate taxes.

Who can act as a trustee?

Any legally competent adult can act as a trustee. Additionally, businesses such as law firms or banks can also act as trustees.

Additional Resources

A great resource for initial guidance is the American Bar Association, which provides a great deal of material about trusts. Locally, the Greenwood Community Legal Aid Center could be helpful. You could also visit your local library, where resources are available on trusts and estate planning.

Next Steps

If you need legal assistance with trust matters in Greenwood, contact a local trusts lawyer. Prepare a list of questions and provide your attorney with relevant information so they can advise you better. Always make sure you understand the legal advice given to you and feel comfortable with the legal path you are taking.