Trusts

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

Benefits of trusts include:

  • Beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will

  • Avoid Probate

  • Possible tax savings

  • Control of your wealth. You can specify the terms of a trust precisely, controlling when and to whom distributions may be made. You may also, for example, set up a revocable trust so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass thereafter, even when there are complex situations such as children from more than one marriage.

  • Protection of your legacy. A properly constructed trust can help protect your estate from your heirs' creditors or from beneficiaries who may not be adept at money management.

  • Privacy and probate savings. Probate is a matter of public record; a trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process.

Disclaimer
This website provides general information about Jeremiah C. Brummitt Attorney At Law, its practice areas, and its professional staff. The information provided here is not intended to provide you with any legal advice in regard to any legal matter you may have.

Jeremiah C. Brummitt

Attorney At Law

107 Earl Williams Road Elizabethton, TN  37643

Phone: (423) 895-3690

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