No longer exclusively for the affluent, millions of Americans are now planning their estates with trusts.
Trusts are the cornerstones of effective estate planning.
A trust is a legal relationship whereby you transfer property to a trustee for the benefit of one or more beneficiaries. Drafted by your attorney, the trust sets forth your desires as to the type of trust, its duration, the powers and duties given to the trustee, the time and manner of the distribution of the trust assets and the rights of the beneficiaries. While the trustee is given legal ownership of the trust assets, he or she is legally bound to manage, invest and disburse those assets in the manner you outline in the trust document. This enables you to maintain a great deal of control over your assets today and in the future. There is no such thing as a standard trust.