A trust is a private agreement that holds property transferred into it for the beneficiaries designated in the trust. The terms of a trust 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. Trust drafting 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 call me.