The trust document, drafted by your attorney, sets forth your desires as to the duration of the trust, the powers and duties to be given the trustee, the time and manner of the distribution of the trust income and principal, and the rights of the beneficiaries. You give the trustee legal ownership of the trust property for the trust term. The trustee is legally bound to manage, invest, and disburse that property in the manner you describe in the trust document. Types of Trusts Put simply, there is no such thing as a standard trust. Instead, every trust is tailor-made to fit the financial needs and goals of the grantor.
Trusts thus come in several varieties.
You Trusts have many uses. As a receptacle for the life insurance proceeds to be collected upon your death. For the professional management of your investments, such as stocks and bonds, real estate, etc., during your lifetime. As a means of providing for your child's education or for the care of a handicapped dependent. For use in conjunction with your retirement planning.