Trust Agreement

A Trust Agreement is a legal document that creates a trust, which is an arrangement where a trustee holds and manages assets for the benefit of designated beneficiaries. Key elements include:

1. Grantor (creator of the trust)

2. Trustee (manager of trust assets)

3. Beneficiaries (recipients of trust benefits)

4. Trust property (assets placed in the trust)

5. Terms and conditions for asset management and distribution

6. Duration of the trust

Trusts can be revocable or irrevocable and serve various purposes, such as:

– Asset protection

– Estate tax minimization

– Avoiding probate

– Providing for minors or individuals with special needs

– Charitable giving

Trust Agreements offer flexibility in estate planning and can provide more control over asset distribution compared to wills. They can be customized to fit specific family situations and financial goals. However, trusts can be complex, and it’s advisable to consult with a legal professional to ensure the agreement meets your specific needs and complies with relevant laws.