A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, also called a Maker, Grantor, or Trustor who transfers property to a Trustee chosen by the Settlor. The Trustee holds that property for the trust beneficiaries. The beneficiary of a trust can be an individual, an entity (such as a charity or political organization), or even the family pet. Assets held by a trust are considered non-probate assets, meaning they bypass probate. Many people choose to use a trust to distribute most of their estate assets because as non-probate assets they can be transferred to the intended beneficiaries immediately after the Settlor’s death or at any time thereafter.
Annapolis Estate Planning Attorneys
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