Trusts That Safeguard Your Future—And Support The Ones You Love

A trust establishes a legal entity for the purpose of managing one’s assets both during their lifetime and upon their passing. Trust assets pass to the beneficiaries named in the trust without going through probate.

A trust establishes a legal entity for the purpose of holding, managing, and distributing one’s assets both during their lifetime and upon their passing. Title of trust assets will pass to the trust either during the lifetime of the individual establishing the trust (also known as the grantor), or upon their passing by way of naming the trust as a beneficiary of an asset.

Yes, you should still have a will, even if you have a trust. A “pour-over” will is typically beneficial, as it serves as a “catch all” for any assets of the grantor not explicitly named in the trust, to transfer into the trust upon the grantor’s passing. This will ensure that any assets not previously transferred to the trust will transfer to the trust upon the grantor’s passing.

For assets that one is seeking to place into the trust, title to such assets is typically transferred during one’s lifetime, or the trust is named as a transfer-on-death beneficiary. For example, if an individual seeks to transfer their home into a trust, a new deed would be executed and recorded during the individual’s lifetime, transferring ownership of the home from the individual to the trust.

No! A trust can be beneficial to people with both small and larger estates.

A revocable living trust (“RLT”) is a trust that is established during the grantor’s lifetime, and the grantor retains control over the trust and trust assets during their lifetime. They may be named as the trustee of the RLT, and may amend or revoke the RLT during their lifetime.

An irrevocable trust is one that generally cannot be amended or revoked once it has been established. Upon transferring assets into an irrevocable trust, the grantor no longer has any ownership of or control over said assets. For federal estate tax purposes, an irrevocable trust may be beneficial if one’s estate is considerably high in value (i.e.: $10,000,000+). This is because placing assets in an irrevocable trust may reduce a person’s gross estate upon their passing.

A special needs trust can be established to hold, manage, and distribute assets to your beneficiary with a disability.

It depends. If you have established a revocable living trust, then the trust can typically be amended in the future. However, irrevocable trusts generally cannot be amended or revoked after they have been established.