The term "purpose trust" is used to describe a trust that has no beneficiaries and was created for some express non-charitable purpose. Unlike a charitable trust, which is created for the benefit of a particular charity or charities, this is not the case with a purpose trust. Purpose trusts may serve some general wish, such as for the creation of a monument, or to care for horses, or to promote and further fox hunting (a real case). Purpose trusts may be expressly outlawed in some jurisdictions, and in others the requirements for the establishment of a purpose trust are highly regulated. Speak with a purpose trust lawyer when contemplating your estate planning goals.
Purpose trust lawyers are highly skilled estate planning attorneys who know the ins and outs of trust law and the limitations therein. These professionals work with clients on a daily basis who have a general goal in mind with regard to their futures and how they want their assets to be divided when they die. In some cases, a purpose trust may fulfill these wishes and the purpose trust lawyer will assist with its creation.
If you and/or your partner or loved one has substantial assets and want to determine where they will go upon your death it's important you talk with a purpose trust attorney, otherwise known as an estate planning attorney. If you wish your assets to benefit a general group of people or to fulfill some other general purpose then your purpose trust attorney will help you plan accordingly with the right documents. Use LawInfo to find experienced purpose trust attorneys in your area today.
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