What is a trust?
A trust is an estate planning tool which is very similar to a will. It’s a document you put together designating who you want to receive your assets at the time that you pass away. Also putting someone in charge of making that distribution. Under a trust that person’s name is a trustee. Unlike a will though, a revocable trust is actually put together while you’re alive and funded while you’re alive meaning we change title on your assets from your name to the trust’s name. As a result, at the time that you pass away the named trustee steps in and can begin making distribution right away to your beneficiaries which is different from a will. Wills have to be filed in court at the time you pass away so that the executor’s authority to collect assets can actually be activated with a court order. A trust avoids the need to go through court by placing assets in the name of the trust now and allowing for easy distribution at the time you pass away.