Types of Trusts

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What Is a Trust?

A trust is a well-recognized legal instrument used to hold legal title to property for the benefit of one or more persons. Trusts are a great way to manage your property and saving the trouble of having your estate go through probate. Some of the common terms associated with trusts include:

What Are Some Common Types of Trusts?

Trusts come in a variety of forms and can be established in many different situations. The most common forms of trusts include:

Do I Need an Attorney to Create a Trust?

Trusts can be structured to handle a variety of situations, but careful drafting is essential to make the plan work. If you choose to create a will or trust, consult with an attorney experienced in estate planning. The potential tax implications and legal formalities of will and trust drafting make a lawyer's counsel indispensable. A lawyer can explain all your options and help you understand what types of wills or trusts are right for you and your family.

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Last Modified: 05-16-2014 12:23 PM PDT

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