A personal asset trust is a legal arrangement that allows you to transfer ownership of your personal assets to a trust, which is managed by a trustee. This can be a useful way to protect your assets and ensure that they are distributed according to your wishes after you die. In Mississippi, personal asset trusts are governed by the Mississippi Uniform Trust Code, which sets out the rules and procedures for creating and administering trusts.

Creditor Protection

One reason you might consider setting up a personal asset trust in Mississippi is to protect your assets from creditors or lawsuits. When you transfer ownership of your assets to a trust, they become the property of the trust and are no longer considered part of your personal estate. This can provide a layer of protection against creditors or lawsuits that might otherwise be able to seize your assets.

Distribution

Another reason to set up a personal asset trust is to ensure that your assets are distributed according to your wishes after you die. You can specify exactly how you want your assets to be distributed and to whom, and you can choose a trusted individual to act as the trustee to manage the trust and carry out your wishes. This can be especially useful if you have children or other family members who you want to provide for after you are gone.

Types of Trusts

There are a few different types of personal asset trusts that you can set up in Mississippi, including revocable trusts, irrevocable trusts, and testamentary trusts. A revocable trust is one that can be modified or dissolved by the person who created it (the grantor) at any time. An irrevocable trust, on the other hand, cannot be modified or dissolved once it has been created. A testamentary trust, meanwhile, is one that is created through a will and only becomes effective upon the grantor’s death.

How To Get Started

To set up a personal asset trust in Mississippi, you will need to choose a trustee and draft a trust agreement that outlines the terms of the trust and how you want your assets to be managed and distributed. You will also need to transfer ownership of your assets to the trust, which typically involves re-titling them in the name of the trust. It is a good idea to work with an attorney to ensure that your trust is properly created and administered. Give us a call at 601.925.9797 or click here to schedule your FREE phone consultation with one of our expert attorneys.