What is a Trust?
The Trusts we use today for estate planning have their origins in the history of England. It was once common practice for second sons and unmarried daughters to join the church. Wealthy families would then contribute land or other property to pay for the future housing and living expense of the son or daughter joining the church. And so, the Trust was formed.
In the past, Trusts were tools of the wealthy. Today, however, Trusts are commonly used by the average person. A Trust can accomplish a variety of goals and, in many cases, can take the place of a traditional Will.
Trusts are like contracts and should be carefully drafted. In a Trust-based estate plan, a Pour-Over Will is also drafted, which directs that property owned by the Decedent at death will be transferred to, and controlled by, the Trust. The Trust also controls the disposition of all property transferred to the Trust prior to death. The Trust itself contains rules for when assets can be used, who can use them, and how they should be managed and held.
To learn more about trusts, see:
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