April 7, 2014 by generationsprobate
A “trust fund”, which contains most or all of a person’s assets, provides financial security to the appointed beneficiaries in the event of one’s death. That description alone is enough reason why people should hire a trust attorney, given that any large amount of money is certain to attract the attention of tax authorities. Considering that statutes for trust funds vary from state to state, an attorney can step in and prove to the authorities that their client’s fund is legitimate and lawful.
For example, California has a rather loose definition of “trust funds” since the state Probate Code allows them to be created for any purpose, other than for financial security, provided they do not go against public interests. For instance, a trust attorney from Sacramento can be called in to manage a trust fund owned by a non-profit organization. Meanwhile, in Florida, a trust fund’s beneficiaries need to be related to its owner by blood and/or be residents of the state. Those who do not meet either criteria often get the short end of the stick.
With that in mind, trust attorneys seek to sort out issues that beset beneficiaries, particularly as minor children and people with disabilities. In these cases, the trust owner needs to appoint someone who can administer the fund for these special beneficiaries before the trust fund matures.