Since 1901, the Beckman family has helped countless Iowans transfer their assets from one generation to the next. By using clear and precise documents, we work to make this process as efficient and effective as possible.
A trust can be used to transfer assets, protect the assets of a special needs child, provide scholarships, manage a business, and many other purposes.
When a trust is created, you appoint a trustee to manage some or all of your assets. The trustee could be yourself, a family member or a bank. The trustee you appoint should be honest and able to perform the tasks assigned by you in the trust. We often recommend banks for this duty.
Revocable trusts are often used to avoid probate. They allow the creator or grantor of the trust to make changes or add and subtract assets from the trust. Revocable grantor trusts are not difficult to set up or maintain. Usually they do not require court reports or special tax returns.
Irrevocable trusts, on the other hand, are trusts that cannot be changed. They must be established with great foresight and care. If you are considering an irrevocable trust, it is very important that you completely understand the terms of that trust before you sign. It is very difficult and sometimes impossible to change the terms of an irrevocable trust after it is signed. At Beckman Law, we'll answer all your questions and help you decide which options are in your best interests.