Trusts
​A trust is a legal arrangement where one party, known as the trustee, holds assets on behalf of another party or parties, known as the beneficiaries. The trustee manages these assets according to the terms outlined in the trust document or established by law. Trusts are commonly used for various purposes, including estate planning, asset protection, charitable giving, and providing for beneficiaries with special needs.
Living Trusts
Trusts are legal arrangements where a person (the "grantor" or "settlor") transfers assets to a trustee who holds and manages those assets for the benefit of one or more beneficiaries. The trustee has a fiduciary duty to manage the assets in the trust prudently and in accordance with the terms of the trust document and applicable law.
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Testamentary Trusts
Testamentary trusts are legal arrangements established through a person's will, hence the term "testamentary," which refers to a will. These trusts are created to manage assets and distribute them according to the wishes outlined in the testator's will after their death.
