An Advantageous Alternative to Traditional Estate
Trusts have grown in popularity recently due to the
greater flexibility and control they offer over traditional Probate methods. A
properly functioning trust can provide its intended beneficiaries an income
stream over a long period of time, or protect property until such time as
certain conditions are met for inheritance. Trust often have significant tax
advantages, and when properly structured, can avoid the probate process all together.
There are two basic types of Trusts:
· Testamentary Trusts: Trusts that are created
upon the Grantors death. These are often created and governed by terms of a
will, and the trust is created from the property of the estate.
· Living Trusts (also called Inter Vivos Trusts):
Trusts that are created and function during the lifetime of the Grantor. Unlike
Testamentary Trusts which become irrevocable upon the death of the Grantor,
Living Trusts are revocable by the Grantor.
Trusts can be effectively used both as an alternative of
a will or as an integral part of a larger estate plan. Their flexibility allow
trusts to take a significant role in ensuring that the plans of the Grantor are
carried out, even long after their death.
Contact us today for a consultation.