Trust Agreements

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A Trust Agreement can be made for numerous purposes, but the specific purpose discussed herein is the formation of a Trust as part of an Estate Plan. The most common Estate Planning Trusts are Revocable Living Trust, Irrevocable Trust, Testamentary Trust, and Special Needs Trusts. A Trust is formed and managed according to the terms of a written Trust Agreement. The Trust Agreement needs to be in writing and clearly identify the parties to the Trust, the rights and obligations of the parties, and the conditions for when assets within the Trust are to be distributed to a beneficiary.

The three primary parties in a Trust Agreement are the Trustor, Trustee, and Beneficiary. The Trustor is the person setting up the Trust. The Trustee is the person who will hold title to the assets and manage the assets within the Trust for the benefit of Beneficiary. The Beneficiary is the designated person who is to receive the benefits from the assets within the Trust.

A Revocable Living Trust is a Trust created during the Trustor’s lifetime and can be changed or terminated by the Trustor during the Trustor’s lifetime, according to the term of the Trust Agreement. An Irrevocable Trust is a Trust which cannot be changed or terminated by the Trustor. A Testamentary Trust is a Trust created after the death of the Trustor according to the Trust terms set forth in the Trustor’s Last Will and Testament. A Special Needs Trust is a Trust set up for the specific purpose of providing limited benefits to a Beneficiary receiving government benefits that have recipient resource limitations.