All You Need To Know About a Trust

Robb Longman

To know the workings of a Trust Law firm in Maryland, you first need to understand the exact meaning of the word Trust. Here, we lay it out for you.

In law, a trust is an arrangement in which another party holds the property of one party. Such agreements are created by the settlor (the individual doing estate planning) & the trustee (who authorizes another person) to manage the assets for the benefit of the beneficiaries (a third party).

Busting the Myth

Trusts and are not created only by multi-millionaires for leaving significant trust funds to their offspring. These are, in fact, essential tools in the estate plans of many people. Talk to the experts of a company that deals in trust law in Maryland, for guidance.

The Layout of a Trust

When a property owner places the property into a trust, he parts with all of his rights that are now with the trustee. A trust dictates how the property will be dealt with or distributed if the settlor is incapacitated, absent, or dead.

That is why trusts are generally a part of wills.

Role of a Trustee

The trustee is the trust's legal owner. So, he is obligated to act for the benefit of the beneficiaries. So, he cannot misuse the power entrusted to him. At the most, the trustee could be compensated for the expenses made by him.

Trustees who do not perform their duties are said to be self-dealing. As a punishment, courts can order profits returned, impose other sanctions, or reverse self-dealing actions.

Who is eligible to be a Trustee?

He/she may either be a person, a public body, or a company. Besides, there can be several co-trustees.

Last but not least, a contractual deed or trust agreement is arrived at between the settlor and the trustee.

If you wish to know more, contact the Trust law experts in Maryland at LVG Law Firm.

Robb Longman

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