Trusts are a valuable estate planning tool and are frequently used to avoid the probate system. When you set up a trust, you (the “settlor”) place assets in the hands of a trustee. The trustee manages the property for the benefit of your designated beneficiaries.
Generally, there are two forms of trusts: revocable and irrevocable trusts. A revocable trust can be modified or terminated during the settlor’s lifetime. An irrevocable trust is a trust that cannot be altered or terminated by the settlor once created. In most states, trusts are presumed irrevocable unless otherwise stated.
However, revocable and irrevocable trusts come in a variety of forms and are established for many reasons, Some of the most common types of trusts include:
While some of the most common types of trusts are discussed above, there are many other types of trusts, including:
Most people cannot draft trust documents without the help of an trust and estate lawyer. An experienced lawyer can help you select the correct type of trust for your needs. And, hiring a lawyer will ensure that your documents are properly drafted and legally binding.
Last Modified: 02-28-2018 04:18 AM PSTLaw Library Disclaimer
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