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Understanding Trusts

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A trust is a contract between a Trustmaker (you) and a Trustee (you) for the Management or Distribution of Assets to your Beneficiary (you while you are alive and in good health and during your disability).

There are two types of Trusts, the first trust is a Testamentary Trust which is created in your will and is only in effect after your death. The second is an Inter Vivos or Living Trust which means it is created immediately upon signing. Living Trusts are either "Revocable" or "Irrevocable". The Revocable Living Trust allows you to change the terms and provisions of the trust. The Irrevocable Living Trust does not allow changes.

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