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| Why you may need a... |
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| Living Trust |
- Create a long-term financial gift
- Provide financial support for a specific expense such as education or real estate
- Activate a financial gift on a specific future date
- Protect your financial assets from tax liability
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Quick Help |
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Irrevocable Trust |
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| A Trust that cannot be revoked, modified or amended (except to a very limited extent) once it has been established. Irrevocable Trusts are often used in tax planning to remove property of a person’s taxable estate so that it will not be subject to estate tax upon his or her death or when purchasing an insurance policy, see “Insurance Trust“. |
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Living Trust |
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| A trust created by an individual during his or her lifetime, typically as a revocable trust. Also referred to as an “inter vivos” trust or “revocable living trust.” |
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Revocable Living Trust |
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| A trust created during lifetime over which the grantor reserves the right to terminate, revoke, modify, or amend. These trusts are generally used to avoid probate, provide assistance to a parent who needs help, address family situations, provide privacy and provide for orderly administration of assets. |
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Trust |
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| An arrangement whereby property is legally owned and managed by an individual or corporate fiduciary as named trustee for the benefit of another, called a beneficiary, who is the equitable owner of the property. |
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Trust Estate (Trust Property) |
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| The assets transferred to the Trustee by re-registering their legal titles in the name of the Trustee. The Trust Estate can include real estate, bank accounts, stocks, bonds, brokerage accounts, partnership interests, tangible personal property, and many other types of financial and legal interests. |
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Trust Instrument |
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| A document, executed by a grantor that contains terms under which the trust property must be managed and distributed. Also referred to as a trust agreement or declaration of trust. |
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Frequently Asked Questions |
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Did You Know? |
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Over 200 million Americans do not have a legal will. |
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