What is a trust?

A trust is a legal entity that holds assets for the benefit of another person or entity. They can be revocable or irrevocable based on the estate planning objectives of each individual client. They can be used to provide financial support, pass assets to persons or charities outside probate, to sometimes minimize the burden of estate taxes or for any number of other goals. There exist a number of trusts that you may use to reach your estate planning objectives. These include a living trust or testamentary trust and other trusts which serve specific needs.