Trusts

• Bypass probate
• Better for conditional distribution
• Asset Protection
• Living Trusts
  • Can be edited while the owner is alive
  • Still subject to estate taxes
• Irrevocable Trusts
  • Cannot be revoked, at least not easily. The estate is already in the hands of a trust
  • Often exempt from lawsuits and taxes.

Vocab

• Grantor - Person who made the trust
• Trustee - Manager of the assets
• Beneficiary - Person(s) who recieve(s) the assets.
• Fiduciary Duty - Duty of the Trustee to do what is in the best interest of the people.