A trust is a legal entity in which one person or organization controls property that is given by another person for the benefit of a third party. The person that is giving the property is referred to as the grantor, the person in control of the property is referred to as the trustee, and the person that the trust benefits is referred to as the beneficiary. In some trusts, you can be named as the grantor, trustee, and the beneficiary. Keep in mind, some estates may benefit from an independent trustee who is subject to strict legal requirements when administering the trust.
The most common trust is a living trust, which takes effect while you are alive. Setting up a living trust, you transfer title of your assets you want to protect in the trust from you as an individual to the trust. Living trusts can be setup as revocable or irrevocable. A revocable trust can be amended while the grantor is alive. An irrevocable trust, generally is more difficult to modify but has its benefits.
Call Sage Capone today at 808-753-1868 for a Free Consultation to review your Trust documents.