Our trust attorneys can help you through the decision process about how to best set up a trust or what trust is best for your needs. While there are many different forms that a trust can take, the basic form of a trust is where one party gives property or assets to a second party to be held and used for the benefit of a third party.
Sometimes an individual administrator is used to control a trust and other times a bank, attorney, C.P.A., or broker is named administrator. Banks tend to be more rigid, but have a safe method of investment and regular payments are certain; however, friends or family members are more flexible while typically having less skill at money management. Friends and family will also typically perform the service without asking for a fee, but we would recommend the security and regularity of a bank or C.P.A. who will generally invest the money wisely and have smaller fees.
Stocks can be a risky investment and many attorneys ask for more money than would a bank even though they have less investment skill. Depending upon your situation: hire your attorney to set up the trust and have a family member, bank, or financial institution recommended by your attorney administer the trust.
To speak with one of our trust attorneys about creating a trust or to get more information, call 770-461-2025 to set up a free consultation.