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A secret trust is a trust that is not included in the terms of a will. There are two types of secret trust’fully secret trusts, which are not mentioned in the will, and semi-secret or half-secret trusts, which are mentioned in the will. Semi-secret trusts usually do not name the trust’s terms or the trust’s beneficiary.
→ Read MoreA breach of fiduciary duty occurs when a trustee does not act with loyalty or care in their dealings with the trust and the beneficiaries. Read on for more information about breach of fiduciary duty by the trustee.
→ Read MoreAn incentive trust is meant to encourage or discourage the behavior of a beneficiary. For example, in the case of a rebelious child, a parent may use an incentive trust to encourage them to enter college by setting aside tuition. Incentive trusts take the guess work out of inheritances.
→ Read MoreA discretionary trust gives a trustee discretion, with some specified limitations. Discretionary trusts can be special needs trusts, help avoid creditors, or provide for a minor beneficiary.
→ Read MoreA bare trust is generally known as a trust in which the person receiving property, the beneficiary, is entitled to the income and the capital of the trust. The income is the amount that the property earns while it is held in trust for the beneficiary. The capital is the amount of property in the trust.
→ Read MoreA qualified terminable interest property trust (Q-Tip Trust) is a marital trust for which a federal estate tax election can be made so as to qualify the trust property for the marital deduction. A Q-Tip trust must meet specific federal requirements to be considered valid.
→ Read MoreA living trust is a trust established during the life of a person. All assets are deposited into the trust and removed from the possession of the original owner. This allows the owner to avoid probate upon his death, ensuring greater privacy for him and his family. One of the advantages of a revocable living trust is the right to change any of the trust terms during your life. There are four typical changes that can be made to a trust.
→ Read MoreThe question of whether a trust be better than a will has no simple answer since so many factors must be considered in estate planning. Your decision is personal and individual, and must suit your particular situation. Briefly, a will is a legal document that gives your instructions for distributing your assets after you die. A will allows you to select an executor to manage the distribution of your assets, pay your debts, and handle other administrative duties.
→ Read MoreA standby trust is created during your lifetime, and at the time of your death, the property in the standby trust is transferred according to the directions in your will. One of the reasons it is called a’standby trust’ is that the owner creates an investment plan and the executor or manager of the trust carries out this plan, but only at the direction of the creator of the standby trust.
→ Read MoreDisability trusts, or qualified disability trusts, are created for the purpose of caring for a disabled person in the event of their caretaker’s death. Qualified disability trusts offer added benefits for the betterment and protection of the beneficiaries by allowing the trustee to claim a full income tax exemption for trust income.
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