A trust is a legal entity created by a settlor, and managed by a trustee, to hold assets for the benefit of one or more beneficiaries. The trustee takes legal title to the trust property and the beneficiaries take equitable title to the trust property, meaning that the beneficiaries have the right to benefit from the property.
A trust can be created by an express declaration of trust, by a transfer in trust made either during a settlor’s lifetime or under his/her will, by contractual agreement, or by statute.
A trust may take the place of a will and avoid probate by providing for distributions of all assets originally owned by the settlor. For help creating a trust, contact us today!