What are Trusts?

A trust is an agreement that allows for a third party to hold assets on behalf of a beneficiary. He or she can turn over all or some parts to the trustee as part of the agreement. Most trusts are composed of trustors, donors, settlers, all who have a written declaration of trust which establishes terms and conditions for the agreement. The written declaration also names the original trustee, and names of future trustees. A trust is a legal relationship between one person and the trustee(s), having equal ownership or management over certain property or assets. This agreement can and may be enforced by a court of law.

What is the Purpose of a Trust?

The primary purpose of a trust is to retain control of assets even after death. You can pass your assets to your beneficiaries through a trust and they will receive the asset when you die. Trusts avoid probate and beneficiaries gain access to assets more quickly than transferred by will. Some benefits include:

At LPLG Law, let our skilled team assist you in the process of setting up a trust that will ensure you and your loved ones receive the assistance they need for years to come. For more information, please fill out our contact form.

Source:

https://www.fidelity.com/life-events/estate-planning/trusts

https://www.lawyers.com/legal-info/trusts-estates/trust-planning/what-is-the-purpose-of-a-trust.html