TRUSTS

A Trust is a fiduciary relationship in which one party referred to as the "settlor" provides a trustee with the right to hold title to property or assets for the benefit of a third party.  A trust may be an "inter vivos" trust, that being, a trust that is created during the lifetime of the settlor, or it may be a testamentary trust created through a person's last will and testament.  If an inter vivos trust, it may also be revocable or irrevocable with differing purposes and tax liabilities.  A trust is a flexible instrument that may be created to care for a number of circumstances to include special needs trust, tax shelter trust or a trust to care for the needs, welfare and benefit of minor children, to avoid or minimize probate, to retain control of assets after one's death to prevent waste, and abuse by beneficiaries who may not be well-positioned to care for themselves or an inheritance without safeguards for their protection.  Each case and trust is different and warrants a discussion with our office.  Please contact our office today to begin your estate plan for the benefit of your family and loved ones.