Trusts are private agreements that hold property transferred into them for the beneficiaries designated. The terms dictate how property is distributed from the moment it is executed until it is terminated by a court or by its own terms.
A trust differs from a will in that it can start immediately and exist long after your death. Trusts are typically preferred by people who desire to place provisions on assets for beneficiaries, are looking for protection from creditors for the beneficiaries or have assets that may need careful managing by a trustee after their passing.
There are many different types of trusts and drafting one can be very complex and not something to be taken lightly. If you have questions about having a trust created, amended or interpreted, please don’t hesitate to contact me.