5 Reasons to Create a Trust
Johnstone Adams • May 1, 2023
Are you not sure if you need a trust, or you don’t know what the benefits of creating one are? It’s important to understand the advantages these can provide and to know when you need to establish one.
What Is a Trust?
First, it’s essential to understand what a trust is. This is a legal arrangement where a trustee holds and manages assets for another person or persons – the beneficiaries. The assets can include property, investments, and other values. The trustee will manage the assets according to the terms of the trust.
One of the perks of a trust is that it is not subject to probate court. It can also be used to protect assets from creditors, lawsuits, and other risks.
Why You Should Establish a Trust
Trusts can be created for a variety of reasons. Some of the most common include:
- Estate Planning: A trust lets you transfer assets to beneficiaries in a controlled way, without having to go through probate court. This assures you that your assets and property will be distributed according to your wishes and will not be determined by a judge.
- Asset Protection: A trust protects your assets for your beneficiaries. This means if your beneficiaries have credit issues, are going through a divorce, are minors, or have other issues that could jeopardize their ability to inherit property, your assets are protected.
- Tax Planning: A trust can also be used for tax planning purposes. A trust – specifically a grantor trust — lets you transfer assets out of your estate to be strategic about your estate tax obligations. A charitable trust can help reduce your income tax liability.
- Special Needs Planning: A trust can help those who need special care. If someone needs long-term care or is disabled, a trust can give them access to their assets while also making sure they still get disability or other government benefits.
- Private Documents: Unlike a will, which is subject to probate, a trust is private. This means people don’t have access to the document and strangers won’t know your family’s business or the value of your asses.
Why You Need an Attorney
When establishing a trust, it’s essential to hire an estate planning attorney. Trying to do this on your own – or through a program you bought online, or may have found for free – can lead you open to mistakes. You need an attorney working for you who knows the ins and outs of the legal system and knows what needs to go into your trust, what documents need to be filed, who needs to be made aware of the trust, and more. An attorney is also available to help you change the trust as needed. They can also answer questions from your beneficiaries and help them manage their assets.
Why Hire Us
Are you questioning whether you need a trust, or when to create one — or if you need a lawyer to help? Resist the urge to create one online on your own. This might seem like a great deal, but doing it alone without the help of an attorney can leave you open to a lot of issues that can impact you and your beneficiaries. If you’re considering setting up a trust, get help from the experts at Johnstone Adams LLC.
Ranked in the 2023 U.S. News – Best Lawyers® “Best Law Firms” list regionally in 12 practice areas, we have experts in many areas of law to give our clients top-notch representation. In business for more than a century, our firm can mix its experience with the ability to evolve with the changing times.
To get started, contact us at 844-682-7682 or info@johnstoneadams.com.
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Johnstone Adams LLC Lawyers Recognized as Best lawyers® Award Recipients Mobile, AL. United States, January 16, 2025 •• Johnstone Adams LLC is pleased to announce that 7 lawyers have been included in the 2025 edition of The Best Lawyers in America• Since it was first published in1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence. Johnstone Adams LLC would like to congratulate the following lawyers named to 2025 The Best Lawyers in America list • Celia J. Collins • Employment Law Management. Labor Law Management. Litigation • Labor and Employment. and Workers' Compensation Law • Employers Rick A. La Trace - Bankruptcy and Creditor Debtor Rights I Insolvency and Reorganization Law • E. Russell March Ill - Elder Law • Wade B. Perry Jr. - Employment Law- Management, Health Care Law, and Litigation - Labor and Employment • Elizabeth Darby Rehm - Employment Law - Management, Labor Law - Management, and Litigation - Labor and Employment • Lawrence J. Seiter - Litigation - Construction and Workers• Compensation Law - Employers • E. Watson Smith - Employee Benefits (ERISA) Law and Tax Law ### About Johnstone Adams LLC Johnstone Adams LLC is committed to providing its clients with the full range of services necessary to meet their legal needs. Our lawyers develop and maintain the knowledge and experience to provide top notch legal representation consistent with the needs of our clients, both as to time and expense. Johnstone Adams, LLC specializes in the following practice areas: • Banking, Finance & Creditors• Rights • Business and Corporate including Business Dispute and Shareholder Rights Litigation • Construction Litigation • Employment Labor and Workers• Compensation Law • ERISA, Tax, Trusts & Estates • Health Care including Mental Health Immigration including Employment, 1-9 Compliance and Family • Insurance Litigation: Defense: Construction & Completed Operations; Major Claims & Professional Liability; Coverage and Regulatory: Agency, Commercial, Fidelity, Personal lines & Title Real Estate including Conveyancing, Environmental & Zoning Real Estate Litigation, including Conveyancing, Lien Priorities & Titles For more than a century Johnstone Adams LLC has strived to improve upon how we deliver legal services to our clients in this ever-changing economic climate.
FOR IMMEDIATE RELEASE Johnstone Adams LLC Lawyer Named to 2025 Best Lawyers: Ones to Watch® in America Mobile, AL, United States, August 15, 2024 — Johnstone Adams LLC is pleased to announce that 1 lawyer has been included in the 2025 edition of Best Lawyers: Ones to Watch® in America. Best Lawyers: Ones to Watch...
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