What is a Trust?
Like a Will, your Trust allows you to determine how your property is handled and distributed at the time of your death. The Trustee will administer the Trust even if you become incapacitated, provided you make provision for a Successor Trustee. The Trust allows for you to:
- decide who will inherit your assets and, in particular, make specific gifts to the people you want to receive them
- maintain control of your assets
- give away trust assets to reduce your taxable estate
- are not subject to probate and, therefore, do not become public record
- are more difficult to contest than a Will
Trusts do not allow for you to name a guardian of your minor children and will require a Will to appoint a guardian. Assets not transferred to the Trust are subject to probate. Creditors do not have a final cut-off date for claims.
