FAQs IN ESTATE PLANNING
What is a Trust?
In legal terms, a trust is a fiduciary relationship in which a trustee holds legal title to specific trust property under a fiduciary duty to manage, safeguard, invest and administer the trust assets for the benefit of designated beneficiaries, who hold equitable title.
In plain English, your assets (your money, house, etc) are held in trust, administered for your benefit during your lifetime and during your potential incapacity, and then distributed at death to your designated beneficiaries. Most of my clients name themselves as trustees of their trust, thus they are in charge of managing their trust’s assets during their lifetime. Furthermore, a successor trustee (a person or an entity) can step into your shoes and manage your trust’s assets if you ever become unable or unwilling to do so yourself. Trust.