Business and Civil Lawyer Rockville, MD
When you need to create a business trust, you need the help of a trusted business and civil lawyer Rockville, MD residents rely on from Daniel J. Wright. If you are unfamiliar with a business trust or a trust in general, it is a legal document that states who is responsible for certain property or assets and who gets those property or assets. The person who manages the trust is known as the trustee and the people who receive property or assets from the trust are known as beneficiaries. Similar to a general trust, a Rockville, Maryland business and civil lawyer knows that you may wish to set up a business trust if you want certain assets of your business to be taken care of by another entity. To speak with us about business trusts, call our office now.
How does a business trust work?
You may be wondering about the details of a business trust. When you work with the business and civil lawyer Rockville, MD recommends about your business trust, you are getting someone who cares about the details. When you set up a business trust, you first determine who you want to appoint as the trustee to manage the corporation’s assets and property. This is an extremely important step because you want the trustee to be someone who is responsible and reliable and can ensure they have the beneficiaries in mind when they make decisions. The next step is determining who your beneficiaries will be.
When the life cycle of the business trust has been completed, the trustee will transfer the business over to the named beneficiaries.
How is a business trust set up?
This is an important question and our Rockville, Maryland business and civil lawyer is here to answer it. Similar to a general trust, a person needs certain information outlined in their business trust, including:
- Information regarding the terms of the trust
- Dates or details regarding how long the trust is in effect
- Naming who and how many trustees are in charge of the trust
- Naming who and how many beneficiaries will be in the trust
Creating a Living Trust For Your Business
You may also decide to create a living trust for your business to protect your business assets while you are still alive. This means that you have control over your business while you are alive and the trust process can transfer smoothly to the successor trustee if you are unable to make future decisions regarding your business. Once you pass away, your business would be transferred to the named beneficiary. If you have any questions regarding naming family as beneficiaries or how they may help run the business, you can speak with our family lawyer Rockville MD relies on.
For more information on business trusts and how a business and civil lawyer in Rockville, MD can help you, call the Law Office Of Daniel J. Wright now.