Formally speaking, a trust is simply a contractual arrangement between two parties – the Grantor and the Trustee – which specifies the rights, responsibilities and obligations with respect to assets that the Grantor has transferred to the trust.

Trusts can be revocable or irrevocable.

A Trust can accomplish a variety of objectives: 

  • Minimize estate taxes.
  • Hold assets for minor, disabled, or financially irresponsible beneficiaries.
  • Create flexibility in estate planning for couples in a second marriage.
  • Provide asset protection and divorce protection for beneficiaries of the deceased.