A trust is a structured way to protect and manage your assets and legacy. The original owner (the grantor or settlor) transfers assets to a trustee, who manages them on the grantor's behalf and distributes them to beneficiaries.
There are many types of trusts, each with its own advantages, and they can be tailored to your goals. A trust can:
- Provide for incapacity — set directives so a trustee can manage your affairs and care if you're ever unable to.
- Direct the distribution of your wealth — spell out how, when, and to whom your assets pass, which reduces family conflict because the trustee must follow your instructions.
- Help avoid probate and shield assets — many trusts let beneficiaries avoid probate and receive their inheritance more privately; certain trusts, such as irrevocable trusts, can also shield some assets from creditors.
Planning a trust with an experienced attorney can save your beneficiaries significant time and stress.
FAQs
Common questions
What's the difference between a revocable and irrevocable trust?
A revocable trust can be changed during your life and helps avoid probate; an irrevocable trust generally can't be changed but can offer added protection, such as shielding some assets from creditors.
Does a trust avoid probate?
Many trusts let your beneficiaries avoid probate and receive their inheritance more privately and quickly.
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Marshall Witt
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