If you have complex legal needs, a larger firm with multiple attorneys who can advise you in different areas may be the best fit. If your needs are more limited and very specific, consider a smaller firm. Speak with several Cedar Rapids attorneys to find the one that is best for you. Ask yourself the 3 C’s:
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Trusts are fiduciary arrangements that you can establish to hold assets for someone else. Trustors – those who create the trust – can transfer property or assets into the trust where they will be stored until the beneficiary collects them. A trustee – named by the trustor –manages and oversees the trust on behalf of the beneficiaries.
Each type of trust has a specific purpose and offers unique benefits to managing the trust. Trusts can either be revocable (changeable) or non-revocable. Revocable trusts, which are among the most common type, are trusts in which you are both the trustor and the trustee, allowing you to remain in control of your assets during your lifetime. These are also called living trusts.
In this video, our Cedar Rapids trust attorneys explain how a trust is where one person, called the trustee, holds the title to property on behalf of someone else, known as the beneficiary. This can be the same person, allowing for a person to maintain control of the property held in the trust.
In this video, our Cedar Rapids trust attorneys explain how a trust in Iowa is both a document and a legal entity. A trust can be arranged in many ways, but its main purpose is to allow a third party, or trustee, to hold assets on behalf of a beneficiary.
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