Reda Ciprian Magnone, LLC

Reda | Ciprian | Magnone, LLC is dedicated exclusively to assist clients in probate, guardianship, and estate planning, wills and trusts, estate administration, commercial and residential real estate, including landlord-tenant law and closings, and corporate law including business formations, contracts drafting, and commercial transactions. Trusts are basic legal structures. They are also contracts, albeit separate ones from those we create in our daily lives. A contract is a kind of agreement in which one party consents to give property to another to hold for another party or keep it for himself. The trust agreement or "contract", as it is more properly called, also sets out and defines the rights and duties of all parties to the transaction. A trust is a contract or contract like structure, thus it is versatile and adaptable to a variety of legal purposes. A trust is a wonderful tool for estate planning. In our experience, a trust involves three parties. The "settlor", or "trustor", is the person who gives the property to the Trust. In a simple example, you would go to a bank and open an account in the name of the trust, with the bank holding the money. The "trustee", or person (or entity) is responsible for the operations of the trust. The "beneficiary", on the other hand, is the one who benefits from the trust assets being held. A person or company can act in any of these three roles, or all three. In such a case, the trust will be called a "grantor" trust. In general, each party's rights and duties will differ in any transaction involving a trust. The terms and conditions of the trust agreement and Lingering state law spell them out.

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