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A document that is created by the trust maker or grantor to state how to transfer ownership of certain assets and who to appoint as a trustee to manage those assets for the benefit of the beneficiaries.

A will can include a testamentary trust that provides a plan for beneficiaries that are minors. One of the most flexible types of trust is a revocable living trust. Of course, many different trusts can be created to ensure your wishes are implemented.

The term Special Needs describes any trust intended to provide benefits without causing the beneficiary to lose public benefits he or she is entitled to receive.

To transfer those assets that are owned only by the decedent (the person who passed away) to beneficiaries. The process is supervised by the probate court.

To create a trust, the property owner (grantor) transfers legal ownership to a person or an institution (trustee) to manage that property for the benefit of 3rd party (beneficiary). The grantor may act as the trustee himself or herself, and retain ownership instead of transferring the property, but he or she still must act as a fiduciary. A grantor may also name himself or herself as one of the beneficiaries of the trust. In any trust arrangement, however, the trust cannot become effective until the grantor funds the trust or in other words, transfers the property to the trust.