What is Trust?
A legal arrangement where one party (trustee) holds and manages property for the benefit of another (beneficiary) according to the terms set by the creator (grantor).
Understanding Trust
Trusts can be revocable (changeable) or irrevocable (permanent). They can avoid probate, reduce estate taxes, protect assets, and provide for beneficiaries with special needs. Common types include living trusts, testamentary trusts, and special needs trusts.
Examples
- 1Revocable living trust avoiding probate
- 2Special needs trust for disabled child
- 3Irrevocable trust for estate tax planning
Related Terms
Will
A legal document that expresses a person's wishes about how their property should be distributed after death and who should care for minor children.
Probate
The court-supervised process of proving a will's validity, paying debts, and distributing a deceased person's assets to beneficiaries or heirs.
Power of Attorney
A legal document authorizing someone (the agent) to act on another person's (the principal's) behalf in financial, legal, or medical matters.
Guardianship
A court-appointed arrangement where one person (guardian) is given legal authority to make decisions for another person (ward) who cannot care for themselves.
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