What is a Trust?

A trust is a legal arrangement in which an individual or entity (the "trustee") manages assets for the benefit of a designated recipient (the "beneficiary"). A trust can be established in a will (a "testamentary trust") or in a standalone document (a "living trust"). There are two types of living trusts: revocable trusts, which can be modified or dissolved by the person who creates them (the "grantor"), and irrevocable trusts, which cannot be changed by the grantor once established. Testamentary trusts are funded after the person creating the trust (the "testator") dies, while living trusts can be funded either upon creation or at a later time. Our team of experienced attorneys can help you understand the different types of trusts and determine which one is right for your specific needs and goals.