Evansville, IN Elder Law Attorney Glenn A. Deig

Trusts
A trust is a legal arrangement where the person who creates the trust, called the settler or grantor, transfers property to another who is called the trustee. The trustee manages and invests the trust property for the benefit of the trust beneficiaries. The trust property consists of those assets and/or property that is transferred to the trustee by the grantor.
ARE THERE DIFFERENT TYPES OF TRUSTS?
Yes. A trust is created by a written instrument. It benefits one or more people. These people are called your beneficiaries. The care or management of the trust is in the hands of the trustee who can be a person, bank or trust corporation. The type of trust that you select depends on your needs or the needs of your family. You do not need to be wealthy to create a trust.
A living or inter vivos trust is a trust created during your lifetime. You are the trust grantor or settler. The provisions for the trust are put in a trust agreement. This trust agreement usually makes provisions for the property in your trust upon your death. It can be revocable, meaning that you can change or terminate the trust at any time. It can also be irrevocable, meaning that you can not change or terminate it. Either way, the trust is managed if you are physically, mentally, or legally incapacitated. This trust document and not your will determines what happens to your property on your death.
Another type of trust is the testamentary trust which is provided for in your will. Trusts can be created for minor children in case both parents die. The trust can be used for support, education and other needs. The type of trust you set up depends on your and your family's needs.
WHY WOULD YOU SET UP A TRUST?
Some of the reasons for setting up trusts are as follows:
You may avoid guardianship proceedings for your property if you become incapacitated.
You may avoid probate administration of the trust assets after your death.
You do not have to resort to the courts for a court appointed guardian if a trust beneficiary becomes incompetent.
Your trust agreement is confidential and unlike wills is not made part of the public record.
You provide a way to dispose of your property over a period of time.
You prevent beneficiaries or their creditors from losing the property of the trust.
The trust is managed by an objective party until your beneficiaries reach a certain age that you have chosen.
You prevent minors from inheriting property outright, thereby eliminating the necessity of having a court appointed guardian of the estate during the child's minority.

HOME | ABOUT GLENN | NEWSLETTER | PRACTICE AREAS | REQUEST FREE CONSULTATION | CONTACT

© 2012, Glenn A. Deig. All rights reserved

Trusts

A trust is a legal arrangement where the person who creates the trust, called the settler or grantor, transfers property to another who is called the trustee. The trustee manages and invests the trust property for the benefit of the trust beneficiaries. The trust property consists of those assets and/or property that is transferred to the trustee by the grantor.

ARE THERE DIFFERENT TYPES OF TRUSTS?

Yes. A trust is created by a written instrument. It benefits one or more people. These people are called your beneficiaries. The care or management of the trust is in the hands of the trustee who can be a person, bank or trust corporation. The type of trust that you select depends on your needs or the needs of your family. You do not need to be wealthy to create a trust.

A living or inter vivos trust is a trust created during your lifetime. You are the trust grantor or settler. The provisions for the trust are put in a trust agreement. This trust agreement usually makes provisions for the property in your trust upon your death. It can be revocable, meaning that you can change or terminate the trust at any time. It can also be irrevocable, meaning that you can not change or terminate it. Either way, the trust is managed if you are physically, mentally, or legally incapacitated. This trust document and not your will determines what happens to your property on your death.

Another type of trust is the testamentary trust which is provided for in your will. Trusts can be created for minor children in case both parents die. The trust can be used for support, education and other needs. The type of trust you set up depends on your and your family's needs.

WHY WOULD YOU SET UP A TRUST?

Some of the reasons for setting up trusts are as follows:

You may avoid guardianship proceedings for your property if you become incapacitated.

You may avoid probate administration of the trust assets after your death.

You do not have to resort to the courts for a court appointed guardian if a trust beneficiary becomes incompetent.

Your trust agreement is confidential and unlike wills is not made part of the public record.

You provide a way to dispose of your property over a period of time.

You prevent beneficiaries or their creditors from losing the property of the trust.

The trust is managed by an objective party until your beneficiaries reach a certain age that you have chosen.

You prevent minors from inheriting property outright, thereby eliminating the necessity of having a court appointed guardian of the estate during the child's minority.