Benefits of Using Testamentary Trusts
The benefit in using a Testamentary Trust is the opportunity for more complex arrangements to control the distribution of your property, especially when minors are involved. The Trustee legally owns the Trust, however the right to the Willed assets belongs to the listed beneficiaries. This arrangement can protect your assets from creditors of the beneficiaries, third parties who may attempt to lay claim to the assets, and, in some cases, the beneficiaries themselves.
There may also exist some tax benefits in using a Testamentary Trust in specific circumstances.
What Can Velos & Velos Lawyers Do For You?
Velos & Velos Lawyers are able to assist you in the preparation of a Testamentary Trust in order to best protect your assets, particularly if there are child beneficiaries, or beneficiaries with mental or physical incapacities to obtain the best outcomes for those beneficiaries.