The old adage “You can’t take it with you” is certainly true, but with the help of the estate planning team at Roybal-Mack & Cordova, PC you can exercise greater control over what happens to the wealth you’ve spent your lifetime building. Our attorneys can help you understand different types of trusts you may create and choose the vehicle that best meets your needs now and upon your passing.

What Is a Trust?

A trust is a legal document that creates a means for assets to be held in trust for the benefit of a trustor (also called a grantor or settlor)—the person creating the trust. Upon the death of the trustor, a successor trustee—the person managing the trust—oversees the process by which the assets are distributed as the trustor intended, not according to the rules governing probate and intestate succession.

There are different types of trusts that may be created, including:

  • Asset protection trust
  • Charitable trust
  • Irrevocable trust
  • Revocable (living or inter vivos) trust
  • Special needs trust

Irrevocable trusts cannot be changed once they are created. To understand the implications of placing assets in an irrevocable trust, it may be best to consult with an experienced attorney.

Why Consider Creating a Trust

The creation of a trust affords trustors a number of benefits over a will, including:

  • Probate avoidance
    Assets in a trust are distributed by the trustee in accordance to the terms established when the trust was created. Probate is not required and intestate succession does not apply.
  • Loss protection
    Trusts can be Divorce Protected, Creditor Protected, Tax Protected and Spendthrift Protected as well as have provisions to ensure the responsible use by beneficiaries with disabilities or addictive behaviors.
  • Enhanced control over estate distribution
    Trusts allow trustors to name specific beneficiaries of specific assets—including contractual assets—and outline provisions or conditions under which those assets can be released.

Trusts can prevent costly disputes that often arise when distributing an estate.

Expert Legal Counsel for Trustors and Trustees

Trusts can only afford the protections and control you desire if they are properly designed. To ensure that your trust allows you the benefits of control over your assets during your lifetime and provides for distribution according to your wishes upon your passing, you are best served by consulting with an experienced attorney.

The Roybal-Mack & Cordova, PC estate planning team takes the time to understand the diversity of your assets and your wishes for your legacy. We help you create the legal and financial vehicles that best meet your needs.

Contact us to schedule an initial consultation. If you are unable to meet at our Albuquerque office, please ask about our remote consultation options.

Dedicated Advocacy. Meaningful Results.

* Please see Trust Funding Instructions for detailed instructions on how to transfer assets from personal title/ownership into the trust.


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