What is a Trust?
Trusts are separate, private legal entities created for the benefit of the person who created them, or their loved ones. Revocable trusts can act as “will substitutes”, allowing you to transfer assets to your beneficiaries after you pass away. They are often used to create other, specialized trusts after your death to provide for a loved one’s care, pay your estate taxes, or shelter your assets from your family’s creditors. Irrevocable trusts can be used to manage your family’s assets and protect your loved one’s eligibility for means-tested government benefits.