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What is the purpose of a trust?

A trust is generally employed to hold assets so that they are safe from creditors or others that might have a claim on them after the grantor's death. In addition, trusts are often used to keep assets safe from family members who might otherwise sell or spend them.

Who is involved in a trust?

There are typically three parties who are involved in a trust: The grantor is the person who creates the trust (by paying a lawyer to draft it) and then funds it by depositing cash or assets into the trust account. Tangible property is simply re-titled in the name of the trust.

What are the benefits of a trust?

Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well. Other benefits of trusts include: Control of your wealth. You can specify the terms of a trust precisely, controlling when and to whom distributions may be made.

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