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Trusts

A Trust is essentially an agreement between the person creating it (the "Donor" or "Grantor"), the person or entity managing it (the "Trustee"), and the person it benefits (the "Beneficiary"). Sometimes the same person is more than one of these roles.

There are many varieties of trusts—testamentary (created for post-death use via a Will), inter vivos (created for lifetime use via a Trust document), revocable (amendable by Donor), and irrevocable (cannot be amended) are the most common categories. Trusts also meet a multitude of goals, the most typical of which: avoiding probate, minimizing estate taxes, providing for minors or disabled beneficiaries, and protecting assets from potential long-term care costs.

A review of your assets, family situation, and goals is necessary to see if a Trust is relevant and appropriate for your Estate Plan.

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