What is a Trust?

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Asked on May 6, 2017 under Estate Planning, New York

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

A Trust is a "fiduciary" arrangement that allows a third party (trustee), to hold assets on behalf of a beneficiary. Trusts can be set up in many ways and can specify exactly how and when the assets pass to the beneficiaries. Since Trusts typically avoid probate, the beneficiaries may gain access to the assets faster than they might otherwise have if the assets were transferred by a Will. Further, if it is an "irrevocable Trust", it may not be considered part of the taxable estate, therefore fewer taxes may be due upon death. Here is a link to a site that you may find to be of help: https://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htmhttps://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm


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