What is a Trust? Everything You Should Know - WeidnerLaw

Abstract

What is a Trust? Everything You Should Know You may be asking, what is a trust? A trust is a relationship where the grantor grants a trustee the right to hold assets for the grantor's benefit. In a living trust, the grantor sets up a trust during their lifetime, and the testament, trust can only come to be after the grantor's death. Some of the popular types of trust include: Special Needs Trust In this kind of trust, a beneficiary is a person living with a disability. In a special needs trust, the heir is not allowed to revoke the trust. Charitable Trust A charitable trust allows the conferrer to leave a part or all of their assets to a non-profit organization. The two types of charitable trust include: Charitable lead trust Charitable remainder trust They both can be useful in reducing taxes depending on the structure. Trust Planning Process When planning for a trust, it is essential to realize that it is a process.