While most potential clients understand the purpose of wills, even sophisticated clients have difficulty understanding the manner in which trusts work and the benefits they can provide. Trusts are a fundamental estate planning tool. While they can be used in a straightforward manner, they also offer the flexibility to provide solutions for unique and sometimes difficult situations.

In simple terms, a trust is an arrangement in which a grantor transfers property to a trust and the trustee holds and administers that property for the benefit of the beneficiaries of the trust.  The trustee acts as a fiduciary to those beneficiaries, owing them duties and responsibilities imposed by law and the governing trust document.

Multiple Uses of Trusts

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