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March 2015 Archives

Testamentary Trusts

Testamentary Trusts are trusts that are in a Last Will and Testament.  These Trusts have Settlors (who set up the Trusts by writing them in their Wills), Trustees (who manage the Trusts after the Testator passes away and the estate has been administered) and beneficiaries (who receive benefits from the Trusts).  Testamentary Trusts can be used to take care of assets for minors (who may be children or some other relative of the Testator), to take care of assets for an individual with special needs, or to take care of a pet.  Testamentary Trusts may be set up for some other purpose, such as for charity. 

Irrevocable Trusts

Irrevocable Trusts may be used for estate planning or long term care planning purposes to protect assets. Irrevocable Trusts, like Revocable Living Trusts, have Settlors (who set up the trust), Trustees (who manage it) and beneficiaries (who receive benefits from it). The Settlors are not usually the Trustees since these types of trusts are used to remove assets from being considered as belonging to the Settlors. What are some uses for Irrevocable Trusts? 

Revocable Living Trusts

Revocable Living Trusts may hold assets during your lifetime so that you or someone else can manage them. Revocable Living Trusts have Settlors (who set up the trust), Trustees (who manage it) and beneficiaries (who receive benefits from it). These Trusts are often set up by Settlors (husband and wife) for themselves while they are living. The Settlors' assets must be re-titled in the name of the Trust.  Revocable Living Trusts may be revoked or cancelled by the Settlors at any time. The Settlors may also be the Trustees and the primary beneficiaries while alive.  There will usually be contingent Trustees named to manage the Trust and secondary beneficiaries to receive the benefits after both of the Settlors have passed away.    

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