What is a Trust and how do I know if I need one?
A Trust is simply a contract to control the disposition of properties. A person has a contract drafted to protect property or assets to be passed on to a loved one at some point in the future. Participants involved in a Trust are:
- Grantor- The person who creates the Trust
- Trustee- The executive that administers the Trust
- Beneficiary- The person(s) who receives the contents of the Trust
Are all Trusts the same?
No. There are as many differences in Trusts as there are in a cars. The differences between a yellow 1990 Geo Storm and a blue 2013 Chevrolet Avalanche are substantial. If these two vehicles were to collide, which would you rather be in?
Trusts can vary from a few pages to a few hundred pages long with a variety of assets rules and variables. Having a professional in your corner can make a big difference.