Putnam County Trust Lawyer

Who Should You Name as the Trustee?

Selecting the right trustee for your trust is crucial to ensure your wishes are honored and your estate is managed effectively. The trustee is responsible for overseeing the trust's assets, making decisions on distributions, and handling administrative duties. Given the importance of this role, careful consideration is necessary.

Firstly, choose someone you trust implicitly, as they will be handling significant financial and personal matters. This could be a family member, close friend, or professional trustee. Family members often understand your values and intentions but may face conflicts of interest or lack experience in managing trusts. Professional trustees, such as attorneys or financial institutions, bring expertise and impartiality but may come with higher costs.

Evaluate the candidate’s financial acumen, organizational skills, and ability to handle responsibilities impartially. It’s also important to think about their willingness and availability to serve in this role.

Consulting with a Putnam County trust attorney can provide further guidance on selecting the most suitable trustee for your specific needs and circumstances.

What is the Difference Between a Revocable Trust and an Irrevocable Trust?

A revocable, or living trust, is a trust that can be altered at any time by the trustee. However, the trust itself is susceptible to creditors if the trustee owes any judgment due to lawsuits and state & federal taxes in the event the trustee dies.

An irrevocable trust is the opposite; it is a trust that cannot be altered under any circumstances. However, this trust is typically shielded from creditors or taxes, freeing the beneficiaries of all tax responsibilities. However, irrevocable trusts can be difficult to set up, and requires an experienced attorney's services.

Protect Your Assets with a Trust

Creating a trust is a powerful tool that can help you protect your assets and ensure they are distributed according to your wishes. At Hedstrom Law, P.A., our experienced Putnam County trust attorneys can guide you through the process of establishing a trust that suits your unique needs and goals.

Benefits of creating a trust include:

• Asset protection: A trust can shield your assets from creditors and lawsuits, providing you with peace of mind.
• Probate avoidance: Unlike a will, a trust does not go through probate, which means your assets can be distributed quickly and privately.
• Privacy: Trusts are not public records, so your financial affairs can remain confidential.
• Control over distribution: With a trust, you can specify how and when your assets are distributed to your beneficiaries, ensuring your wishes are carried out.
• Flexibility: Trusts can be customized to meet your specific needs and can be modified or revoked if circumstances change.

Our dedicated team of trust attorneys in Putnam County is ready to assist you in protecting your assets and creating a lasting legacy. Contact us today to schedule a consultation.

Choose Hedstrom Law for Trusted Estate Planning Guidance

• Free Consultations
• Relationship-Based Legal Representation
• Strong Work Ethic & a Proven Track Record
• Genuine, Experienced & Compassionate Counsel 

You can find the guidance you deserve with one of our experienced Putnam County trust attorneys. At Hedstrom Law, P.A., we proudly provide Putnam County residents with comprehensive estate planning services, including matters related to trusts. We take our role as your advisor seriously. It is our job to ensure that you have the best information at your disposal when making an important decision.