A trust is a document whereby you name a trustee, create rules for the trust, name beneficiaries and remaindermen of that trust. You, usually through the assistance of an attorney, must then fund that trust with assets. Trusts can be created through a separate document or created in a Last Will and Testament, which are oftentimes called Testamentary Trusts, because they only come into effect upon the death of an individual.
We always examine our client’s needs on a case-by-case basis, we believe that for most clients trust planning is needed on a limited basis. We typically recommend that a client who owns property, whether that be real property or mineral interests, out of state, or has issues in regard to his or her own management of their estate, should consider a trust.