There are many different types of trusts, each with their own peculiar purpose. The following are examples of different trusts accessible to you:

  • Minor children’s trusts are used to control the management and use of assets for a period of time.
  • Bypass trusts allow you to minimize estate taxes.
  • Life insurance trusts allow you to avoid estate taxes on life insurance proceeds.
  • Charitable trusts allow you to share the benefits of certain assets with a charity.
  • Living trusts are used to manage and distribute assets as an alternative to using a Will.

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Although different trusts may be created to serve different purposes, trusts generally have several core components:

  • Grantor: the person or entity who creates the trust.
  • Beneficiaries: the individuals or entities who will receive benefits from the trust, beneficiaries sometimes include the grantor and sometimes other parties.
  • Trust Assets: the property transferred into the trust, usually by the grantor.
  • Trustee: the person or entity who manages the trust assets and makes distributions to the beneficiaries in accordance with the terms of the trust. Choosing the right trustee is important.
All trusts are either intervivos (created during your lifetime), or testamentary (created under your Will and established at the time of your death).

 

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