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Over the past few decades there has been a significant increase in individuals interested in the formation of trusts. This can be a key part of estate planning, as a way of ensuring your property and assets are handled with greater control and flexibility. Trusts can help you avoid the need to go through the long and drawn-out probate process.
How Fulmer, May and Stuckey Help With Trusts Formation
At Fulmer, May and Stuckey, we can provide you support, assistance and guidance at every step during the process. From the initial formation to the continued management and administration involved, we’re here to help. Upon death, trusts are passed to the trust property beneficiary. We can offer advice and assistance with the assignment of a trustee who will distribute it to the beneficiary.
The Main Benefits of Trust Formation In Estate Planning
One of the major benefits of going ahead with trust formation when you’re planning your estate is that you can create a stream of income to be delivered to your beneficiaries over a long period of time. Many choose this rather than it just being a one-off lump sum.
Trusts also help you to avoid the probate process completely. The time probate takes and the taxation involved are other reasons you might choose a trust. It can often mean a major tax reduction. Our highly trained Birmingham, Alabama lawyers will continue working for you alongside your appointed trustee until the assets in that trust are handed over to your designated beneficiary.
Our Experience in Birmingham, Alabama Trusts Formation and Administration
We have many years of experience helping with formation and management of Alabama trusts. Our goal is to see our client’s wishes are followed through on. Fulmer, May and Stuckey have a deep understanding of the law and know the three requirements that are necessary for the courts to allow it to take effect. We will help ensure you, or whoever initially creates the trust, has the want and desire to create the trust.
We also know that trust formation cannot happen without property, or in other words, assets. So, it must be real estate, money or something else. You can’t simply have a trust established with nothing held in it. It doesn’t work the same way as a bank account, as some have wrongly assumed. The last requirement is that there is a beneficiary and you’ve probably got one in mind. Although it’s not required, you might also want to have a trustee assigned. We can help you pick your trustee during your free initial consultation.
Understanding the Different Types of Trusts
There are two kinds of trusts that can be formed, testamentary trusts and inter vivos trusts.
Testamentary TrustsWith a testamentary trust, formation often happens when the granter of the trust dies. This is often governed by a will.
Inter Vivos TrustsWith an inter vivos trust, the formation occurs while the granter is alive. It functions as such during that time.
Our Alabama trusts services are there to help you understand all this and the nuances in the law regarding trusts. We’re ready to help you to decide on important elements such as your beneficiaries and trustees. You should also let us assist you on picking the kind of trust that’s best for you and your estate.
Trusts, like so many other things in estate planning law and legal practice, are more complicated than you may realize at first. They can range from very simple, almost similar to a will, to more complex legal instruments. Our Birmingham, Alabama law practice, here at Fulmer, May and Stuckey are experts in this area of the law and our comprehensive range of trust services are what you need to ensure every aspect of your estate planning is carried out with due diligence.
Why Hire Fulmer, May and Stuckey As Your Alabama Trusts Formation Legal PracticeIt also really doesn’t matter what you require from us. We want to be your number one go-to resource for all things related to trusts, whether it’s something connected to the formation or you if need our defense law expertise. In our eyes, there is only what our client needs. There’s no such thing as small and insignificant jobs or too complicated tasks.
Although we have lots of experience in all areas of the law, from the corporate and commercial side of things to litigation, tax and defense, we really stand out because we’re a Birmingham, law firm. We serve the local community in our favorite Alabama city.
Learn more about what our Birmingham, Alabama legal practice can do for you. Please give us a call today for a consultation and let us show why we consider our law practice as a top choice for you and your family.