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Interest in Possession Trusts
Interest in possession trusts are a type of trust that give the beneficiary the present right to enjoy the benefits of the trusts. At their most basic, trusts are a legal relationship established by the creator of the trust placing assets in the control of a trustee, who then hold the assets in benefit for the beneficiary. Trusts are an excellent way for people to protect assets, minimize tax liability, transfer assets from generation to generation, and provide for future generations. Interest in possession trusts are created by state laws that vary from jurisdiction to jurisdiction, so it is important to consult with an attorney that practices in trust law in your state.
How an Interest in Possession Attorney Can Help
Trust law is extremely complicated and the successful creation of a trust requires compliance with many formalities. As a result, anyone who is interested in creating a an interest in possession trust should consult with an attorney who is familiar with trust law. If a trust is improperly created, the trust could fail, potentially exposing your assets to attacks by creditors, litigants, the IRS, or other parties. Some of the ways an experienced interest in possession trust can assist you include:
- Determining what type of trust would best fit your needs
- Drafting the trust documents
- Identifying assets that could or should be included in the trust
- Assisting in other estate planning matters
If you are considering creating an interest in possession trust, you should be sure to consult with a lawyer.
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