Trusts come in many different types.
One legal definition might read like this: “A trust is a contract between the grantor and trustee where the grantor transfers title of assets to the trustee and the trustee manages the assets for the benefit of the beneficiaries.”
A trust is a container, like a bucket, that holds assets. You have the “trustee” hold the bucket and take care of what is in it. The “trustee” takes care of the assets for the benefit of you or another person.
One of the most commonly used trusts for probate avoidance is the revocable living trust.
from Protecting You And Your Family http://ift.tt/29N2wIg
from DeWitt Law Firm, PLLC
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