What is a Trust?
A Trust is a separate legal entity that owns property and provides detailed instructions for the management of those assets. It is like an empty bucket that you fill up with YOUR assets. The bucket comes with an instruction manual (the Trust agreement) telling us who manages the bucket (the Trustee), what happens while you are alive, what happens to the property if you become disabled and what happens when you are gone. Trusts are not for every situation, but many times are the centerpiece of an effective estate plan.
Trusts can be revocable (changeable), or irrevocable. Trusts can be used to help clients avoid probate, secure assets in the event of lawsuits, divorces, and medical catastrophes. Sometimes trusts can even be used to deal with tax situations that clients face. In our initial estate planning design meeting it is our job to discover your specific needs and issues so we use the right tools. A trust is one of the most important tools we use to help clients achieve their goals.