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Q: What is a trust and are there different types of trusts?
A trust is a fiduciary relationship in which one party, known as a grantor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.
Q: What is a “living trust”?
A trust that is created and funded while you are alive. When created, a living trust can be revocable or irrevocable. Most people choose to form a revocable trust because you can still make changes to the trust, including adding or taking out property, selling property, or even terminating the trust. An irrevocable trust is just that: irrevocable, meaning you can’t make changes to it.
Q: Why should I form a trust?
There are many reasons to form a trust; some of them are listed below:
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