First off, what is a trust? Well, a trust is a document that makes a legal arrangement between you as the settlor, or you’ll hear people refer to it as a grantor, where you basically put things into the trust for the benefit of another party. That party can be yourself, your children, or basically whomever you want. But the rules of the trust are what define how you can access that property, how you can have those assets or transfer them, or if they’re being left for beneficiaries after your passing.
More importantly, the trust will also control how your assets and all of the items put into the trust will be controlled during any periods where you are incapable of helping yourself. Meaning if you’re disabled, the trust tells people how do you wanna be treated? If you have any more questions about living trusts, trusts in general, or just need an estate plan set up, make sure to call me today. Thank you.