A trust is an arrangement wherein one person (the trustee) manages and holds legal title to property owned by another (the settlor or grantor) for the benefit of a third party or parties (the beneficiary).
There are many different kinds of trusts, such as a testamentary trust which is a trust created by a person’s will and that takes effect after his or her death. One of the reasons a person may want to create a testamentary trust is that it permits him or her to control how trust property is given to the beneficiary.
There are other types of trusts that may be beneficial to your situation that is why it is important to speak to your attorney regarding these matters. Please contact us if you are interested in setting up a will or trust for your future needs.