What is a Trust?

A trust is a fiduciary (trustee to beneficiary) arrangement, where a third party (trustee) holds assets on behalf of a beneficiary/beneficiaries. These trusts allow for control of how and when the assets are transferred to the beneficiary or beneficiaries.

Trusts typically avoid the involvement of probate court thus allowing beneficiaries efficient access to trust assets than that of the abilities involved with a will. In the case of an "irrevocable" trust, the assets are possibly not taxable as part of a taxable estate, thus fewer taxes are due upon death of the trust holder.

Reasons to Form a Trust

  • Efficient Asset Access
  • No Probate Court Required
  • Time Savings
  • Less Taxation
  • Lower Court Fees
  • Privacy Rights
  • Asset Control to Heirs

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