When some people think of trusts, they incorrectly associate them with wealthy senior citizens. However, this is far from the only demographic to establish and benefit from trusts. In Goshen, NY, John E. Bach Attorney at Law helps area residents of all ages and economic conditions to arrange and use these legal tools.

Here, Attorney Bach answers the most frequently asked questions about trusts:

• What Is a Trust? A trust is a legal agreement between the individual who creates the trust, the settlor, and the person or entity who is responsible for administering the trust—the trustee. The settlor places assets in the trust to benefit a third party, the beneficiary, and the trustee manages the assets. Property owners can place assets such as real estate, money, stocks, and personal property in trusts.
• Why Would I Establish a Trust? Like wills, trusts allow individuals to control their property distribution. Trusts can also help reduce taxes, avoid probate, and keep property transfers private. Parents, grandparents, and other adults often use trusts to disperse assets to minor children and those with special needs. In some cases, trustees will manage the property until the children reach a specified age.
• Are There Different Kinds of Trusts? Inter-vivos trusts, such as revocable living trusts and special needs trusts, take effect while the settlor is alive. Testamentary trusts take effect after the settlor passes away. Property owners typically use their wills to provide for testamentary trusts.

John E. Bach Attorney at Law offers wise counsel and representation to settlors, trustees, and beneficiaries after over 30 years of experience drafting trusts and wills. You can rest assured Attorney Bach will stay focused on your goals as he crafts an effective trust and estate plan for your needs.

Find out how establishing a trust can benefit you and your loved ones. Contact John E. Bach Attorney at Law in Goshen, NY, at (845) 294-7941 to schedule your consultation, and visit the firm’s website for more information.