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Blind trust lawyer.
The trust instrument lays out all the trust s terms including naming the trustee establishing a payment schedule and naming beneficiaries to receive any remaining trust assets after you pass away.
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Therefore you may want to consider hiring a local estate lawyer to either administer your blind trust or assist you in setting one up.
Setting up a blind trust may be part of estate planning or a separate transaction to address a specific need.
In the typical blind trust the settlor is also the beneficiary.
Depending on a person s situation a blind trust may be established in a number of ways.
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Regardless it s advised that you seek the counsel of a trusts attorney if you need to set up a blind trust.
A trust is a legal agreement where an individual known as the trustor or settlor transfers ownership of certain assets to an account managed by a trustee also known as a fiduciary the trustee then operates the trust on behalf of the designated beneficiaries.
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Most people will never encounter a blind trust as they re primarily used by high profile corporate executives and elected officials with substantial financial assets.
Because the trustee has complete authority over asset management it s a good idea to name an investment firm trust company or an attorney to act as trustee.
In a blind trust a settlor transfers assets to a third party who has complete discretion in how to use or invest the assets.
In a blind trust the trustees fiduciaries or those who have been given power of attorney have full discretion over the assets.
Lottery winners typically hire a lawyer to serve as the trustee and they name themselves the trustor or grantor and beneficiary.
Thus the trustee is managing the assets for the benefit of the settlor.
There are state and federal laws regarding the creation of blind trusts so it s important to visit an attorney who has expertise in this area says richard gotterer cfp managing.
Blind trusts are generally used when a trust creator sometimes called a settlor trustor grantor or donor wishes for the beneficiary to be unaware of the specific assets in the trust such as to avoid conflict of interest between the beneficiary and the investments.
To create a blind trust start by drafting a trust instrument sometimes also called a trust deed according to your state s laws.
