Trusts Explained - Legal News Letter

In this video, you will learn about an estate lawyer. A trust is a contract between the grantor, the trustee, and the beneficiaries. The beneficiaries are the people who are going to benefit from the.

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trust. Trusts are your rulebook. If you don’t make your rule book for a trust, you will have to follow the state’s rules. There are two main types of trusts. Testamentary trusts are made in wills. This trust does not exist during your life. The trust doesn’t come into being until after your death. If you are alive and you get sick, the testamentary trust doesn’t allow someone to take control of your assets during this time. Living trusts are the other type. These are trusts that exist while you are alive. A living trust does allow someone to take control of your assets before your disanility or trust. If you properly fund it, a living trust requires probate. Living trusts can be revokable or irrevocable. They are different strategies and have different rules. The main reason people put together irrevocably truss is to avoid probate. Keep watching this video for more information on trusts.
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