Blind Trust Lawyer

The trust instrument lays out all the trust s terms including naming the trustee establishing a payment schedule and naming beneficiaries to receive any remaining trust assets after you pass away.

Blind trust lawyer.

Most people will never encounter a blind trust as they re primarily used by high profile corporate executives and elected officials with substantial financial assets. In the typical blind trust the settlor is also the beneficiary. Therefore you may want to consider hiring a local estate lawyer to either administer your blind trust or assist you in setting one up. Contact a trusts attorney for more information about blind trusts.

To create a blind trust start by drafting a trust instrument sometimes also called a trust deed according to your state s laws. In a blind trust the trustees fiduciaries or those who have been given power of attorney have full discretion over the assets. Blind trusts are generally used when a trust creator sometimes called a settlor trustor grantor or donor wishes for the beneficiary to be unaware of the specific assets in the trust such as to avoid conflict of interest between the beneficiary and the investments. Having your own attorney to review trust documents and answer questions can make a huge difference between whether your trust is successfully or unsuccessfully executed.

A woman is convicted of killing her friend and boyfriend in the heat of passion even though she is defended by a top lawyer. Because the trustee has complete authority over asset management it s a good idea to name an investment firm trust company or an attorney to act as trustee. Thus the trustee is managing the assets for the benefit of the settlor. In a blind trust a settlor transfers assets to a third party who has complete discretion in how to use or invest the assets.

A trust is a legal agreement where an individual known as the trustor or settlor transfers ownership of certain assets to an account managed by a trustee also known as a fiduciary the trustee then operates the trust on behalf of the designated beneficiaries. Directed by louis bolduc. Lottery winners typically hire a lawyer to serve as the trustee and they name themselves the trustor or grantor and beneficiary. With jessica capshaw chad willett art hindle robin wilcock.

There are state and federal laws regarding the creation of blind trusts so it s important to visit an attorney who has expertise in this area says richard gotterer cfp managing. Regardless it s advised that you seek the counsel of a trusts attorney if you need to set up a blind trust. Before delving into the specifics of a blind trust it helps to understand what a trust is and how they operate.