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Trust

Definition

A legal arrangement where a trustee manages assets on behalf of beneficiaries, often used for estate planning and asset protection.

What to consider

  • Consider setting one up if you want to plan for future asset distribution.
  • Review the type of trust to choose what fits your needs.
  • Keep it updated as your personal circumstances change.

Real world scenarios

  • Margaret places investment accounts in a trust to streamline wealth transfer, preventing probate when she passes.
  • After her second marriage, Ruth updates her trust beneficiaries, ensuring children from both marriages receive designated shares.
  • Anthony’s trust includes conditions about his estate usage, like funding grandchildren’s education, preserving a clear legacy plan.

Related terms

Inheritance Tax
Executor
Will
Chapter 7 Bankruptcy
Community Property

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