What is a Trust?
Get Legal Help Today
Secured with SHA-256 Encryption
What is a Trust?
Asked on May 6, 2017 under Estate Planning, New York
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 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
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.