< DICTIONARY

Trusts

An agreement in which you can give another person (a trustee) the right to hold and manage assets and funds for the benefit of another person or cause, throughout your life and after you die.

Trusts can help give greater control by specifying rules about spending funds, which can be useful to prevent a child from spending a lump sum inheritance.

Trusts may be set up as changeable (revocable) or unchangeable (irrevocable), and do not have the power to choose caregivers for children in the event of a death (unlike Wills).

Trusts provide more privacy than Wills do.

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