- 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.
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