What is a Trust?
A trust can be a very versatile tool in your estate plan. While there are many types of trusts, they all share some common characteristics. A trust is an arrangement whereby a person (usually called a grantor, settlor, or trustor) transfers property to an individual or corporate fiduciary (called a trustee) for the benefit of another (called a beneficiary). Because trusts are designed to have separate legal identities from the grantor, the trustee, and the beneficiary, they offer more flexible ways of managing, distributing, and protecting your family’s assets than a will can accomplish alone. Trusts can be revocable or irrevocable.
Revocable Trusts are created during a person’s life (also called revocable living trusts, or revocable inter vivos trusts) and can be changed, amended, or revoked entirely during the person’s life.
Irrevocable Trusts may be created during a person’s lifetime (irrevocable living trusts, or irrevocable inter vivos trusts), or created at death by language included in a person’s will (testamentary trusts). As the name implies, these trusts cannot be changed, amended, or revoked by the person who created the trust.
To learn more about Trusts, please contact Seiter Law directly.
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