Trust

What is a trust?

A trust is defined as a legal arrangement through which a trust or manages a trustee’s assets for the good of one or more beneficiaries. In other words, it’s property, real or personal, held by one person for the benefit of another.

Trust

For the benefit of your beneficiaries, you, as a trustor, will assign a Trustee to hold title to your property. With a Trustee named to oversee your estate, it is possible to increase flexibility, privacy, and control after you pass away. Keep in mind that trusts are more expensive than basic wills. However, a trust is worth considering if you have a large estate or have kids with special needs. There are many types of trusts, and an estate planning professional can help you decide which is best for you.

In the same way, as with naming a POA, you should be cautious about naming multiple people to serve as your trustees. Doing so can cause many problems.

Make sure you inform who you want to serve as your executors, trustees, or children’s guardians, and ensure they are prepared for the tasks. Additionally, these individuals must have access to your important documents or at least know where to find them. It is a good idea to have them meet with your attorneys and financial advisors as well.