Secure Your Legacy & Your Family’s Future with a Trust
A trust is a relationship in which property is held by a third party for the benefit of another. A trust is created by a settlor who transfers some, or all, of their property into a trust managed by a trustee for the benefit of the designated beneficiaries.
When a settlor places property into a trust, the settlor is separating the property’s legal ownership and control from its equitable ownership and benefits. Trusts may be created for estate planning purposes or Medicaid planning purposes. Testamentary Trusts are frequently created in wills defining how money and property will be handled for the benefit of minor children upon the death of the creator.
The trustee is obligated to act for the good of the beneficiaries. The trustee may be compensated and have expenses reimbursed, but otherwise must turn over all of the profits to the trust, which in turn will be distributed to the designated beneficiaries. The trustee may be an individual, a company or a public body, and there may be a single trustee or a multiple co-trustees.
There are two main types of trusts in today’s world, a revocable living trust or an irrevocable trust, each of which has numerous variations that serve different purposes. You may need more than one trust to achieve the desired results.
Let Carolyn Moller Duncan, P.C. help you figure out which type of trust is right for your goals and needs, and guide you through the creation and execution of your trusts. Contact us today to set up a free consultation.