A trust is a legal arrangement in which a property interest is held by one person (the “trustee”) at the request of another person (the “settlor”) for the benefit of a third person (the “beneficiary”). The trustee is required to administer the property for the benefit of the beneficiary.
Trusts are a highly innovative estate planning tool that can be used in a variety of different contexts. They are one of the most widely used estate planning tools due to their flexibility and the fact that they do not require most of the old-fashioned formalities often still required to make a will. Trusts can also be useful when it comes to asset protection and tax planning.
A valid trust requires the following elements:
If you are interested in creating a trust or learning more about different estate planning tools, an estate planning lawyer can explain the trust requirements in more detail, tell you more about the different types of trusts, help you decide on the best estate planning method for you and your family or business, and help craft a trust that best serves your wishes.
Last Modified: 09-04-2014 12:51 PM PDTLaw Library Disclaimer
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