The Law Dictionary for Everyone
A trust is an estate planning tool used by people to protect their assets during their lifetime, and to dictate how those assets are to be disbursed upon their death. A family trust, also known as a “by-pass trust,” is a trust created by a married couple with a large estate for the purpose of avoiding federal estate taxes when […]
Read moreA trust is an estate planning tool created by an individual to manage his assets prior to his death, and to specify how is assets are to be distributed after his death. The individual creating the trust, called a “Trustor,” or “Grantor,” transfers ownership of property and assets into the trust for the benefit of his heirs or other named […]
Read moreA trust is a legal tool used by many individuals to control how their assets are managed after their death. Once a trust has been created, the creator, called a “Trustor,” transfers ownership of certain specified property and financial assets to the trust for the benefit of others, called “beneficiaries.” The assets in the trust are then managed by a […]
Read moreWhen a trust is created, the person creating the trust (the “grantor”) transfers ownership of certain specified property and financial assets to it for the benefit of others he has named as “beneficiaries.” A third party (a “trustee”) is designated by the grantor to manage the trust according to the directions given. In a regular, or “revocable trust,” the grantor […]
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