A Trust can be either a Living Trust or a Testamentary Trust. Each Trust category is described below.
If you establish a Living Trust, this simply means that the Trust is created during your lifetime. A Living Trust can be either Revocable or Irrevocable. With a Revocable Trust, you can transfer assets to the Trust while retaining both control over the assets and the power to revoke (cancel) or change the Trust at any time. Alternatively, if you establish an Irrevocable Trust, you generally retain no control over the assets transferred into the Trust and you do not have the power to revoke the Trust. Revocable Trusts are often utilized to avoid the probate process or to provide income or support to oneself or another individual without completely releasing control over the assets in the Trust. Many individuals choose to transfer assets into Irrevocable Trusts to to avoid estate taxes in the future.
A Testamentary Trust is a Trust that is created by a Will. If you establish a Testamentary Trust in your Will, that Trust does not come into being until you pass away. Testamentary Trusts are often used to provide income or support from the decedent's assets to dependent children or other beneficiaries without handing over complete control of those assets to the beneficiaries.
If you are interested in creating a Trust, I will work with you to develop a solution to meet your individual needs.