David Fall’s article on “Get A Trust And You Can Tell Creditors To Go Away.”
A trust is still one of the most popular estate planning documents due in large part to its versatility and asset protection characteristics. The creator of a trust (usually referred to as the “settlor” or “grantor”) can create a trust during his or her lifetime or create a trust through his or her will. There are various types of trusts, each having its own benefits and liabilities, and a trust can be written to accomplish a wide variety of goals.
In a trust, the grantor relinquishes control of any property contributed to that trust to the trustee of that trust. However, through the terms of the trust, the grantor determines the beneficiaries of the trust and under what conditions the income and principal of the trust can be distributed to the beneficiaries by the trustee.
For more information on the benefits of having a trust, click here to read a recent article on the subject by, David Fall, a member of OLA’s Corporate & Tax Estate & Probate Law Practice Group.