Creating a trust doesn’t mean you no longer need a Will. Even if you use a trust to distribute your estate assets, you still need a Pour Over Will to ensure all your assets make it into the trust at the time of your death. Using a trust as your primary method of distributing your […]
Living trusts can be further divided into revocable and irrevocable living trusts. A revocable living trust is one that can be modified, terminated, or revoked at any time and for any reason by the Settlor. An irrevocable living trust, on the other hand, is one that cannot be modified, terminated, or revoked by the Settlor […]
All trusts fit into one of two categories – testamentary or living trust. A testamentary trust is one that does not become active until the death of the Settlor. Typically, a testamentary trust is triggered by a provision in the Settlor’s Last Will and Testament. A living trust, formally known as a “inter-vivos” trust, activates […]
In today’s electronic age it is tempting to use the internet for everything – even locating estate planning legal forms. Before you succumb to temptation, take a minute to contemplate the likely results of using a DIY trust agreement for your trust. Without the advice of an experienced estate planning attorney during the drafting of […]
A trust is formally created using a written legal document called a “trust agreement.” The trust agreement reflects the terms of the trust as created by the Settlor. Though you probably do not ever think about it, you likely enter into oral trust agreements all the time. For example, if you asked your brother to […]
Once upon a time, trusts were predominantly used by wealthy families to control the family fortune and to pass it down through the generations without incurring taxes. Those days are long gone. In fact, trusts are now found in the average estate plan given how user-friendly they are and how versatile they are. While high […]
A trust agreement can be extremely complex; however, all trusts require the same five basic elements for creation, including: Settlor – the person who creates the trust. A Settlor may also be referred to as the Grantor or Maker of the trust. Trustee – an individual or entity that administers the trust terms as well […]
At its most basic, a trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, also referred to as a Grantor or Maker, who transfers property to a Trustee. The Trustee holds that property for the trust’s beneficiaries.