A trust is a legal agreement that involves three parties. The first person is the individual making the trust, known as the “grantor.” The second person is the “trustee,” who manages the property in the trust. Lastly, there is the beneficiary of the trust, who is set to receive the benefits of the trust. A trust works in the following.
The grantor will transfer ownership of the property or assets to the trust. The trustee will then manage and hold the title of the property or assets in the trust for the beneficiary. There are many types of trusts, including Living Trusts, Revocable Trusts, Irrevocable Trusts, Special Needs Trusts, Qualified Terminable Interest Property (QTIP) Trusts, and Pet Trusts, to name a few.
The seasoned estate planning attorneys at Puff & Cockerill can ensure that you have selected the proper trust to meet your goals and objectives. Estate planning decisions are not easy decisions to make, but our attorneys have helped clients form and manage trusts for over 40 years.
- Living Trusts
- Revocable Trusts
- Irrevocable Trusts
- Special Needs Trusts
- Trust Administration
- QTIP (Qualified Terminable Interest Property) Trust
- Pet Trusts
For More on Special Needs Trusts, please read the following article:
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