A trust sets aside some or all of your assets to be managed by a trustee, a person or company that holds them temporarily for the benefit of others. Trusts can be set up in a variety of ways, and once the conditions of the trust are met, the beneficiaries receive what has been set aside for them.
Wills and trusts have many things in common, but have different goals. Trusts hold and protect property for a beneficiary, can remain private, and can transfer assets over time instead of all at once. Wills simply designate who the beneficiaries of your estate are after your death. Depending on your situation, a trust could be a great way to keep your family cared for exactly the way you want.
There are multiple types of trusts. One type, a revocable living trust, allows you to maintain as much control as you want — you can change trustees, add or withdraw assets, amend or even revoke the trust whenever you’d like. After you pass, your successor trustee will distribute everything according to the terms you set up. Many other kinds of trusts do require you to relinquish some control over your assets, but often the benefits of placing assets in trust outweighs this concern. We can help you determine which kind of trust best suits your needs.