A trust is an arrangement where one party manages property for the benefit of another subject to certain provisions set forth by the creator. Trusts are commonly used in estate planning. In these matters, property is usually distributed to third party beneficiaries using a trust.

There are various types of trusts that are created at different times with different characteristics. Inter vivos trusts are set up during the creator’s lifetime, while testamentary trusts are set up upon the creator’s death. Revocable trusts can be changed during the creator’s life. Irrevocable trusts cannot be changed after they are set up. The most commonly used trust is the revocable living trust which is set up, funded and can be changed during the creator’s life. These trusts are usually at the center of an estate plan. is an arrangement where one party manages property for the benefit of another subject to certain provisions set forth by the creator. Trusts are commonly used in estate planning. In these matters, property is usually distributed to third party beneficiaries using a trust.

Trusts can also be used to control distributions made to minors and problem beneficiaries as certain stipulations can be built right in. A Special Needs or Supplemental Needs Trust can be used to allow a special needs individual to continue receiving public benefits while also obtaining financial assistance from the trust itself. Spendthrift trusts can be used to shelter assets from creditors. Trusts can also be set up to serve various other functions. trust is an arrangement where one party manages property for the benefit of another subject to certain provisions set forth by the creator. Trusts are commonly used in estate planning. In these matters, property is usually distributed to third party beneficiaries using a trust.