A trust is a fairly important tool used by an Elder Law Attorney as part of your end of life planning. Simply put, a trust is a legal means to own, manage, and distribute property There are several elements to a trust.
1. Intent to create a trust by someone
2. Property/assets to put in the trust
3. A person to manage the trust
4. A person who benefits from the trust
There are many types of trusts that can be used. These trusts types have names that are common to Elder Law attorneys such as a Grantor Trust, Irrevocable Trust, Medicaid Planning Trust, Special Needs Trust, AB Trust, etc. The complexities require thoughtful planning to make sure you have the right type of trust as well as understand how the trust operates. I would not recommend relying on a form trust that you got off the internet.
Having the right type of trust in place can provide direction and protection for you family and your assets.
Contact an Elder Law attorney today to start your end of life planning.