Trusts

Introduction

A trust is a way to hold and invest property for the benefit of yourself and your loved ones.  Trusts are not just for rich people.  There are many different types of trusts, however, so please contact Robert W. Tribuiani, Esq., an attorney at law, to help you choose the trust that is right for your unique set of circumstances.  You may need a trust that is created during your lifetime. You may need a trust that is created after your death through your last will and testament.  You may need to transfer your assets to your heirs outright or transfer your assets to your heirs in a way that allows you to exercise a degree of control over your assets, even after your death. A properly drafted trust document can help you accomplish your objectives.

What is a Trust?

In general, a trust is a legal arrangement in which a person (the settlor) transfers legal title of his or her property to his or her trustee to hold and/or manage for the benefit of a beneficiary. The most basic types of trusts are:

What are the different kinds of trusts?

A revocable trust allows you to retain ownership and control of your property, and to change the terms of your trust. An irrevocable trust, however, does not allow you retain ownership of the property in the trust or to change the terms of the trust once it is created, but it can provide certain protections and controls that make it advantageous, depending upon your specific circumstances.  An inter vivos trust (called a living trust) is a trust that is created during your lifetime, whereas, a testamentary trust is a trust that is created by your will after your death.  There are many other types of trusts.

Life Insurance Policies and Federal Estate Taxes

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