Many people have misconceptions about trusts, thinking that a trust is merely a tool for a multi-millionaire to support their children. Trusts can be invaluable tools in the estate plans of many of individuals.
Trusts are simply an arrangement where one party holds property on behalf of another party. In an estate planning context, trusts are created by the person doing the estate planning (the settlor), who authorizes another person (the trustee) to manage the assets for the benefit of a third party (the beneficiaries). There are many reasons for establishing trusts, including tax minimization, or providing for the needs of underage beneficiaries.
Some types of trusts that may be useful in estate planning are:
Each of these different types of trusts can be customized to serve a valuable purpose in accomplishing the wishes of those making gifts or planning an estate. Creating a customized trust can benefit you as well as your loved ones. Our New York legacy lawyers team can help you assess your finances and goals to determine the best options for preserving your legacy.
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