A trust is another common estate planning tool. A trust allows the person who conveys property
to the trust, the settlor, to control property after his/her death. There are three key players
involved in every trust:
- Settlor
- Trustee
- Beneficiary
As previously mentioned, the settlor is the person who transfers or conveys property into the
trust. These are the trust assets. The trustee is the person or institution who is responsible
for managing the trust and the assets within it. The beneficiary is the person or organization
who ultimately receives some or all of the trust assets.
Trusts can be set up in a way that involves assets being transferred to it while the settlor is
still alive; these trusts are called inter vivos (living) trusts. On the other hand, if the
settlor prefers, the trust can be set up so that the assets are transferred upon the
settlor's death; these trusts are called testamentary trusts.
There are a variety of different uses for trusts. Some examples include wealth distribution,
asset protection, and providing for family members with special needs. At Jensen Sondrall & Persellin, P.A.
we will help you set up the trust that most appropriately accomplishes your desired result.
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