Testamentary Trusts
A testamentary trust is a form of trust that is established in your will. Testamentary trusts will only go into effect upon your death. A testamentary trust can involve minor children or an incapacitated spouse.
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Family Trusts
Family trusts are designed to provide for or distribute wealth to your surviving family members in the event of your death. Family trust is a generic term used to describe a number of different trusts that provide for minor children, widows and widowers, and surviving adult children.
→ Read MoreRevocable Living Trusts
A revocable living trust is created for the purpose of avoiding probate proceedings. Revocable living trusts remain in the control of the trustor during their entire life and can be canceled (revoked) at any time.
→ Read MoreInter Vivos Trusts
Intervivos trusts are trusts created while you are still alive. There are many types of intervivos trusts, which avoid probate court and some of which can even help you reduce and avoid estate taxes.
→ Read MoreIrrevocable Trusts
An irrevocable trust is one that can not be changed or terminated after it has been established. The person creating the trust no longer has rights in use of funds or assets of the trust. Irrevocable trusts are generally used for tax purposes. This article will explain more about uses of irrevocable trusts, how they are different from revocable trusts, and when and how to set one up.
→ Read MoreResulting Trusts
It’s always the goal of the court to follow the wishes of the deceased person, so resulting trusts are a very common occurrence. The first, and most common way a resulting trust occurs is when a trustor attempts to create a living trust without drafting the proper documents or noting the trust in the will.
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