Planning Ahead: What’s the Purpose of a trust?
By Angela Gaddis Moore, Esquire
Over the next few issues of SoLo Parenting Magazine, we will cover one of each of the four basic types of estate planning documents to include Wills, Trusts, Powers of Attorney and Advance Medical Directives. Last month we looked at the necessity of a Will.
THIS MONTH’S FOCUS IS ON TRUSTS
A trust is a means of long-term planning for your assets during life and death. Trusts allow more flexibility in the distribution of your financial legacy. They can be revocable or irrevocable. And, trusts contain specific instructions on how to manage and distribute your assets in the event of disability or death. Similar to a will, a trust allows you to be in the driver’s seat of what you desire to happen with your estate.
SO, WHAT ARE SOME ADVANTAGES TO HAVING A TRUST?
Funding a trust requires changing the title of your assets from your name to the name of your trust, i.e. SARA BROWN DECLARATION OF TRUST. As Trustee you will keep control over everything contained in the trust. Funding sources include real estate, checking and savings accounts, certificates of deposits, life insurance, stocks and bonds, mutual funds, furniture, art and jewelry just to name a few.
Angela Gaddis Moore, Esquire has received her undergraduate degree from Cornell University in 1993, and earned her law degree from George Mason University School of Law in 1996. In 2000, Angela partnered with Erroll Moore, Esq. forming Moore & Moore, P.C., and subsequently Moore & Associates, P.C. Currently, her practice primarily focuses on estate planning and family law.
Please contact Moore & Associates, P.C. at (703)750 – 1848 or email firstname.lastname@example.org.