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Trusts

What is a TRUST
A trust is a legal entity with separate and distinct rights, similar to a person or corporation. In a trust, a party known as a trustor gives another party, the trustee, the right to hold title to and manage property or assets for the benefit of a third party, the beneficiary.

Trusts can be established to provide legal protection for the trustor’s assets to ensure they are distributed according to their wishes. Additionally, trusts can save time, reduce paperwork, and sometimes reduce inheritance or estate taxes.

Types of Trusts

Although there are many different types of trusts, each fits into one or more of the following categories:
 

Living or Testamentary
A living trust, also called an inter-vivos trust, is a written document in which an individual's assets are provided as a trust for the individual's use and benefit during their lifetime. A trustee is named when the trust is established; this person is in charge of handling the affairs of the trust and transferring the assets to the beneficiaries at the time of the grantor's death.
 

A testamentary trust, also called a will trust, specifies how an individual's assets are designated after the grantor's death. It is not established until after the grantor passes away.

Revocable or Irrevocable

A revocable trust can be changed or terminated by the trustor during that person's lifetime.
An irrevocable trust, as the name implies, cannot be changed once it's established.
 

Living trusts can be revocable or irrevocable. Testamentary trusts are generally irrevocable once established but can be revocable via a will if the grantor is still alive. The fact that it is unalterable, containing assets that have been permanently moved out of the trustor's possession, is what allows estate taxes to be minimized or avoided altogether.

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