Trusts

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ur vision is to become the leading provider of professional services in the industry. We aim to achieve this by delivering exceptional value to our clients and staying ahead of the curve. With that in mind, trusts are a key aspect for Estate Planning to help and protect loved ones.

What exactly is a trust?

 A trust is a legal document used to establish a “bottle” that holds assets, like money or property. The trust’s assets are then usually managed by a trustee, another person or organization tasked with overseeing your trust until its assets are transferred to your beneficiaries.  

Some examples of types of trusts

A revocable trust allows the grantor — the person who created the trust — to change or end the trust at any point during their lifetime. Revocable trusts are also known as living trusts or revocable living trusts. 

These trusts are set up by you while you’re still alive. Often, the assets in a living trust transfer to your beneficiaries after you pass away. 

An irrevocable trust cannot be changed nor are you able to terminate it. You can establish an irrevocable trust during the estate planning process.  

An irrevocable trust can be helpful in that it offers your assets the most protection from creditors and lawsuits.

A testamentary trust is one you create through your will. Also known as a will trust or a trust under will, testamentary trusts don’t activate until you pass away. Your last will and testament includes instructions on how your trust is created, managed, and distributed. It also ensures your beneficiaries only receive their inheritance at a certain time. 

If you have a disabled loved one(s),  a Special Needs Trust can provide them with income after your passing without disqualifying them from government benefits, like Social Security Disability Income.  

Call us today so we can assist with your Estate Planning Needs.