Living Trust Documents
A Trust is a document that can be created in order to help provide for loved ones or even an unrelated third party. You can use a Trust to hold assets and provide income for the benefit of the family, spouse, minor children, children from a previous marriage, disable children or even unrelated third parties to ensure they are able to continue to live and comfortably be provided for in life.
Living (Inter-vivos) Trusts
A Trust that is set up during your life time is referred to as a Living or Inter-vivos Trust. You can set it up so that you control the assets in the Trust during your life time, or you can give up control completely. A Living Trust can continue to provide for you during your life time, if you choose, regardless of whom you place in control of the Trust. You can even reserve the right to terminate the Trust during your life time.
A Trust that is set up through your Will is referred to as a Testamentary Trust. If you choose this type of Trust, all assets remain in your name and control until you die. Upon death, the Will provides instructions to your Personal Representative to form a Trust and transfer all assets to that Trust for the beneficiaries you have named in your Will. Your Will provides instructions as to who will act as Trustee, who will be the beneficiaries under the Trust and even when the Trust may be terminated.
Special Needs Trusts
A Special Needs Trust is very specific type of Trust that is formed for the benefit of a person with physical and/or mental disabilities that prevent them from being able to make financial decisions on their own. A Special Needs Trust has very specific terms and rules so as to ensure it does not interfere with Government Benefits such as Supplemental Security Insurance and Medicaid.
Revocable or Irrevocable Trusts
Trusts can either be Revocable or Irrevocable. If you establish a revocable Trust, then the Trust can be changed, amended, modified, undone or even revoked by you during your lifetime. The reasons for setting up a revocable Trust will depend on your goals for the Trust. Perhaps you are still undecided on the needs of your beneficiaries or yourself and you wish to maintain control of the assets, such that a revocable Trust may work best for you.
If you establish an irrevocable Trust, then the Trust cannot be changed, amended, modified, undone, or even revoked by you during your lifetime. The reasons for setting up an irrevocableTrust often depends on your goals for the Trust, but often includes protecting the assets from dissipation for a minor child or incapacitated spouse and/or protecting assets from creditors.
Living Trust Documents
Full set of Estate Planning Documents
Last Will & Testament
Power of Attorney
Health Care Power of Attorney
Health Care Power of Attorney for Minor Children