Trusts

A trust is a document created during lifetime and is effective during lifetime, unlike a will that only becomes effective at death.  The trust governs property funded into the trust for the benefit of the beneficiaries.  Living trusts generally benefit the person who creates the trust during life, and then the trust assets are distributed to remainder beneficiaries, such as children, at the trustor’s death.  A couple may wish to include specific provisions in the trust to control the management and distribution of assets.