A trust is a legal arrangement in which a person transfers ownership of their Assets to another party for the benefit of someone else at a later date.

The person transferring ownership of their assets is known as the "Trustor" or "Grantor," the party responsible to hold the assets is known as the "Trustee," and the third party who will receive those assets is known as the "Beneficiary."

The trust document specifies the rules, instructions, and conditions of how the trustee will manage and distribute the assets, as well as how and when beneficiaries will receive them.

Beneficiaries can include family members, friends, charitable organizations, or even the trustor themselves; assets can be personal property, financial investments, money, real estate property, and other miscellaneous valuables.

Trusts are commonly used during Estate Planning to manage and protect assets, ensure they are distributed according to the trustor's wishes, and potentially reduce paperwork and taxes.

They offer a flexible way to manage assets and provide for the financial well-being of loved ones. The type of trust chosen depends on the trustor's goals, the nature of the assets, and the specific needs of beneficiaries.

Types of trusts include:

Living Trust (Revocable Trust): Created during the trustor's lifetime, a Living Trust allows the trustor to retain control of the assets and make changes to the trust's terms. It becomes Irrevocable upon the trustor's death.

Irrevocable Trust: Once established, an Irrevocable Trust generally cannot be modified or revoked without the consent of the beneficiaries. This type of trust is often used for tax planning and asset protection.

Revocable Living Trust: A Revocable Living Trust combines the features of a living trust and a revocable trust, allowing the trustor to retain control during their lifetime and ensure efficient asset transfer after their death.

Testamentary Trust: This type of trust is created within a person's Last Will and Testament and takes effect upon the trustor's death. A Testamentary Trust allows the trustor to specify how assets should be managed and distributed after their passing.

Special Needs Trust: Designed to provide for the needs of a person with disabilities without affecting their eligibility for government assistance.

Charitable Trust: Set up to benefit a charitable organization or cause while providing potential tax advantages to the trustor.

Regardless of the trust chosen, it's important to work with a trusted Estate Attorney when setting one up in order to prevent legal issues after a death.