A Trust: A legal entity that owns / holds assets for the benefit of others. These can be created as revocable or irrevocable during your lifetime or a trust can be created as part of your will.   Trusts are administered by a trustee, who holds assets for the benefit of others.

While there are many different types of trusts, the following are a few common specialized trusts designed to address specific needs:

Spendthrift Trust:   If you want to give or leave money to one or more people who are struggling financially, a trust can be established either now or as part of the probate process that will provide money in a trust to take care of their needs without exposing the bulk of the assets to their creditors.

Special Needs Trust: Do you currently protect or provide for a disabled individual? If so, you may want to create a special needs trust to provide for that individual. Disabled individuals often are receiving government benefits, so special care must be taken to be sure the trust does not interfere with those benefits.

Charitable Trust: This is a trust in which the beneficiaries are one or more charities or a trust in which the trustee(s) provide funds to charitable organizations.

Pet Trust:  If you love your pets and want to be sure someone will care for them in the event of your death, you can provide for them with a pet trust.

Life Insurance Trust:  Properly prepared and executed before you pass, these can remove life insurance proceeds from your estate when you pass, and thereby minimize your estate taxes.