Trusts

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A Trust is a legal entity through which a third party, known as a Trustee, holds and directs the distribution of assets on behalf of a beneficiary or beneficiaries. 

  • A Revocable Trust is a Trust that is established during the lifetime of a person known as a settlor. It can be modified or even terminated by the Settlor. A Living Trust is a type of revocable trust. 
  • An Irrevocable Trust is a Trust that cannot be changed, modified or terminated by the Settlor (the person who established the Trust). 
  • A Special Needs Trust is a Trust that is established for the benefit of a beneficiary who is disabled. The purpose of the Trust is to hold assets belonging to the beneficiary so those assets do not affect the beneficiary's entitlement to disability benefits. 

A Trust can be a useful tool as part of your Estate Plan. For example, if you have minor children, you can include a Trust in your Will so that any assets that would go to the minor children, instead go into a Trust for the benefit of the children until they reach the age that you set. 

The answer to the question of whether a creating a Trust would be a useful part of your Estate Plan depends on many different factors. If you would like to discuss your Estate Plan and whether having a Trust makes sense for you, please contact me. 

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