Trusts

Trusts can play a critical role in the comprehensive estate planning process, allowing individuals and families to manage, protect, and transfer assets thoughtfully and intentionally. Creating an estate plan early gives you control over the future, minimizing confusion and offering clear guidance when life takes an unexpected turn. A well-structured trust can help ensure your wishes are honored, your loved ones are protected, and your assets are managed according to your priorities, both now and in the future.

At Melone Hatley, P.C., our goal is to make estate planning feel manageable and empowering, providing clients with clear guidance and confidence about the road ahead. Our estate planning attorneys take a thoughtful, client-centered approach to trust and estate planning, helping individuals and families create customized solutions that reflect their goals and protect their loved ones.

What is a Trust?

A trust is a legal arrangement that allows you to place assets under the care of a trusted person or institution – the trustee – with clear instructions for how those assets should be managed and distributed.

When a trust is created, the person establishing it – often called the grantor or trustor – transfers assets into the trust. The designated trustee is responsible for managing those assets according to the terms outlined in the trust document for the benefit of the beneficiary, or the intended recipient.

Trusts can be customized to address a wide range of goals, including asset management, long-term care planning, charitable giving, and protection for vulnerable beneficiaries. Depending on how a trust is structured, it can take effect during the grantor’s lifetime or after the grantor’s death and may be revocable or irrevocable.

At Melone Hatley, P.C., our estate planning attorneys can assist you throughout the trust process, from creation to administration. With a broad array of trusts available, we are committed to helping you choose one that serves your needs now and for the future.

What are the Benefits of Having a Trust?

Trusts are powerful planning tools for individuals and families navigating many stages of life. A well-structured trust provides flexibility, controls, and protection that other estate planning tools may not offer on their own.

Avoids Probate

One of the most significant advantages of a trust is its ability to help shield assets within the trust from the probate process. Assets held in a trust are generally distributed outside the probate process, allowing for a more efficient transfer of property. This can reduce delays and limit administrative costs.

Provides Privacy

Trusts also provide privacy and discretion. Unlike probate, which involves court oversight and public records, trust administration is handled privately. This allows families to manage transitions and asset distributions without unnecessary exposure or third-party involvement.

Ensures Continuity of Asset Management

Another benefit of a trust is continuity of asset management. A trust establishes clear instructions for how assets should be managed if you become incapacitated or after your death. Rather than relying on court-appointed decision-makers, the trustee you choose can step in seamlessly, following the plan you have already put in place.

Protects and Supports Beneficiaries

Trusts can also be used to protect and support beneficiaries. Instead of transferring assets outright, a trust can distribute property over time or under specific conditions. This approach is often helpful when providing for minor children, individuals with disabilities, or beneficiaries who may need financial guidance or long-term oversight.

Provides Wealth and Asset Management

In addition, trusts can serve as effective wealth and asset management tools. By centralizing management under a trustee, assets can be preserved, invested, and distributed in a coordinated manner that may be difficult for one person to manage alone.

Protects Assets

Certain trusts can also offer asset protection benefits, helping shield property from creditor claims or unintended division. Others can be structured to support individuals with special needs while preserving access to public benefits.

Reduces the Need for Court Involvement

Finally, trusts can help reduce the need for court involvement. Without a trust, managing another person’s assets often requires a formal court process. A trust allows you to establish a clear management framework in advance, minimizing the likelihood of costly, time-consuming court proceedings later.

Together, these benefits make trusts a versatile and proactive planning option – one that provides control and peace of mind for both you and those you care about most.

Common Types of Trusts

Trusts can be structured in many ways depending on your goals, circumstances, and long-term planning needs. An experienced estate planning attorney can help determine which type – or combination – of trusts best supports your objectives.

• Living Trusts – A living trust is created during your lifetime and allows assets to be managed according to your instructions while you are alive and after your death.
• Testamentary Trusts – A testamentary trust is established through a will and becomes effective after death. These are commonly used to hold and manage assets for minor children or beneficiaries who may need financial oversight.
• Revocable Trusts – A revocable trust allows you to retain control over your assets and make changes as your circumstances change. You can amend, update, or revoke the trust during your lifetime.
• Irrevocable Trusts – An irrevocable trust is generally intended to remain in place once it is created. This structure may offer additional benefits related to asset preservation, long-term planning, or risk management, depending on how it is designed.
• Special Needs Trusts – A special needs trust is created to provide financial support for an individual with a disability without interfering with their eligibility for certain public benefits. These trusts can be used to pay for supplemental expenses such as medical care, education, therapies, or quality-of-life needs.
• Charitable Trusts – Charitable trusts allow individuals to support charitable causes while also integrating philanthropic wishes into their broader estate plan. Depending on how they are structured, they may provide income during life or help establish a lasting legacy.
• Life Insurance Trusts – A life insurance trust holds the proceeds of a life insurance policy for designated beneficiaries. These trusts can help ensure that insurance funds are managed responsibly and distributed according to your wishes, particularly when beneficiaries are minors or require long-term support.

How a Trust and Estate Attorney Can Help

Trust creation and estate planning are more than drafting documents. They require thoughtful strategy, careful coordination, and an understanding of how legal, financial, and personal considerations intersect over time.

A trust and estate attorney provides guidance and support across every stage of the planning process, including:

• Customized trust design to reflect your goals, family needs, and long-term priorities
• Strategic estate planning coordination, aligning trusts with other estate planning documents
• Planning for incapacity and life transitions, ensuring continuity and clarity during periods of change
• Trust administration guidance, including advising trustees on fiduciary duties and distribution responsibilities
• Dispute prevention and resolution, addressing concerns involving trust interpretation or administration
• Ongoing estate planning review and updates to reflect changes in laws, finances, or personal circumstances

Planning for Your Future

Whether you are creating a trust for the first time or reviewing an existing plan, thoughtful estate planning reduces uncertainty and ensures your wishes are carried out as intended. With the right guidance, your estate plan can evolve and protect you at every stage of your life.

At Melone Hatley, P.C., our experienced trust and estate attorneys take a thoughtful, holistic approach to estate planning, helping individuals and families create plans that protect what matters most to them. Call us at 800-479-8124 or contact us through our website to schedule a free consultation with one of our Client Services Coordinators to learn how we can protect your family, your finances, and your future.