Services :: Trusts
The Business Dictionary defines a Trust as a "legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor's assets or property for the benefit of a third party (the beneficiary)."
There are many uses of a Trust, whether it be to manage the trustor's assets during life or after death, or provide a less-taxed, easier way to endow estates to the beneficiary(ies).
Trusts are often used to manage property, assets, or estates being held for a minor or person incapable of being financially accountable until that person be deemed able to manage the assets themselves.
Some different kinds of Trust are:
- Testamentary Trusts
- Revocable Living Trusts
- Education Trusts
- Crummey Trusts
- Special Need Trusts
- Pooled Trusts
- Irrevocable Trusts
For an explanation of the various Trusts and to learn which one or ones you may need for your family, contact The Handley Law Office at 281.703.3616 or Boyd@TheHandleyLawOffice.com.