A trust is one of the most valuable and increasingly popular estate planning tools to use a trust appropriately. It is recommended that you work with a qualified estate planning lawyer to ensure that the trust is legal, properly funded and aligned with your estate planning goals. Two primary questions will guide much of your conversation with your estate planning attorney. The first of these is who will serve as the trustee as the creator of the trust.
You will choose the corporate entity or individual who manages the trust assets and is responsible for carrying out the purpose of the trust. Most people default to choosing a loved one, but this person may not have the experience or knowledge to manage trustee responsibilities. You could also elect a professional fiduciary such as a trust company or a bank. Remember that they will often have account minimums and charge for the services they render.
The second important question to consider as you create a trust with your estate planning lawyer is when are distributions made As the grantor, you have significant control over how assets will be distributed to the beneficiaries you name. Many people turn to common messes such as allowing distributions at particular ages or when someone has achieved a particular milestone.
Remember that it will again fall to the responsibility of the appointed trustee to make these distributions. This should be someone that you are familiar with and someone who you are comfortable with. Handle these responsibilities fairly. Make sure that you contact a qualified and dedicated attorney as soon as possible to discuss your options. A knowledgeable attorney in NH can make a big difference in helping you to choose the right type of trust.