There are many risks one is exposed to in life. So much so that often times it feels that you might not have control over outside forces that could hurt or harm you in some way. But you can take control of your life and protect your assets from a variety of opposing forces.

A trust is a special legal agreement where a beneficiary or “settlor” transfers their property or assets to a third party (or trustee) to hold in their name while the beneficiary retains beneficial use of the property transferred. An important thing before having a lawyer create a trust is to weigh the benefits of such a legal device and to understand how you would benefit from it.

Having a lawyer create a trust can ward off potential lien holders and keep your assets private from anyone looking to see how much you are worth. Private trusts allow for a trustee of your choice to hold your assets in their name, thereby limiting your exposure for liability pertaining to various taxes and possible judgments attached to your name.

Also, if you have a child, and want to save money for him or her finances controlled by a trust might be the best option. Having a trust would allow you to protect money for your child even from yourself. A trust instrument could be drafted that kept anyone at all, aside form the child, to use the money put in trust. With a trustee acting as a fiduciary to protect the asset you can assure yourself that nothing will happen to the money.

On the other hand, if you are on the opposite age spectrum, and are elderly, having a lawyer create a trust could help you manage assets should you become incapacitated. With a trust instrument that acts like a guide, you can control the outcome of how your money is used, without having to be around to control it yourself.

Before having a lawyer create a trust, it is also important to seek out a reputable, experienced trust attorney before any documents are signed. A good trust attorney will know the best kind of instrument to draft for your needs. Trust law is highly specialized and many lawyers do not know that there are many different types of trusts that all have positives and negatives in relation to the situation at hand.

A licensed, knowledgeable trust attorney will be able to properly communicate the differences between a irrevocable trust and a constructive trust, and how that might affect your taxes or relationship with your business interests. They can also affect your relationship with your trustee and how they can be replaced or how they can resign.

Whether you are managing your tax liability or assets for future generations, a trust is a powerful tool that can help you and yours protect and manage a variety of properties. But, having a lawyer create a trust is a big decision and should be weighed carefully before moving forward.