Preparation and Administration
A trust is a legal creation where a person makes a written declaration of an intent to establish a trust and conveys property to the trust or to a person designated as a trustee of the trust. The property may be any type of asset. The property is held and administered by the trustee for the benefit of the persons designated in the document establishing the trust, who are called beneficiaries. The beneficiary may be the person who established the trust or a third person, and beneficiaries may be established in successive order (for example, the first beneficiary is John during his life, then on John’s death the next beneficiary is Jill). The trustees are bound by the terms stated in the document establishing a trust, but in the absence of restrictions placed on the trustees in the trust document, the trustees have considerable discretion in managing the trust assets (investing in various types of investments, paying out income or principal, etc.). Trusts may be established during the lifetime of the person establishing the trust, or trusts may be established in a person’s Will. Mr. Thrasher provides experienced advice in the preparation, administration, and termination of trusts.