Trusts can be set in stone or changeable in the future
“It’s all for the children.” That’s what smart landowners and wealth managers say. You should think of what you own as something you give as your legacy. It is all something you are holding in trust for your successors.
A trust is exactly what a lot of people use to preserve value for future generations when it comes to family estates, business holdings and a variety of other assets or financial instruments. And the people who may or will inherit these things are called the beneficiaries.
The reason we make a difference between “may” and “will” is that there is a difference in the types of trusts. One is called a revocable trust, which means the creator of the trust may make changes after it is created. In this case, a beneficiary may inherit or receive property or assets.
An irrevocable trust means that the creator has no further say once the trust has been legally created. The assets pass permanently into the trust. In this case, the beneficiary will inherit unless he or she dies before the legal age or the organization no longer exists. The legal successors of these entities may have a legal claim for the contents of a trust in this rare instance.
Creating a trust, whether it is revocable or irrevocable, is often easier with the help of an attorney. Legal representation may mean a lot when it comes to addressing the details of a trust that can succeed in keeping a family’s value through the generations. A lawyer also guarantees no one has to consider all the consequences alone.