Trust – what is it?

A trust is a legal arrangement where a person, known as a trustee, holds property for the benefit of another person, known as a beneficiary. Trusts have been used for centuries as a way to manage and distribute wealth. In this article, we’ll explore what trusts are, the types of trusts available, and how they can be used to manage assets.

What is a Trust?

A trust is a legal agreement where the trustee holds property on behalf of the beneficiaries. The trustee is responsible for managing the property in accordance with the terms of the trust agreement. The trust agreement outlines the rights and obligations of the trustee and the beneficiaries. It also specifies how the trust property will be managed, invested, and distributed.

A trust can be created during a person’s lifetime or through a will. Trusts can be used for a variety of purposes, such as to protect assets, minimize taxes, and provide for loved ones.

Types of Trusts

There are several types of trusts available, each with its own specific purpose. The most common types of trusts include:

Uses of Trusts

Trusts can be used for a variety of purposes, such as:

Conclusion

Trusts can be a valuable tool for managing assets and providing for loved ones. There are many types of trusts available, each with its own specific purpose. Trusts can be used for asset protection, estate planning, probate avoidance, special needs planning, and charitable giving. If you’re considering using a trust as part of your estate plan, it’s important to consult with a qualified estate planning attorney to ensure that the trust is properly created and managed.

For a detailed consultation and further calculation of the cost, terms and necessary documents, please contact White and Partners specialists by clicking on this link.

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