Trust.
In plain English
A trust is a legal container for assets. You, the grantor, put property into it and name a trustee to manage it under rules you set, for the benefit of people you choose. Trusts are used to pass wealth with more control than a simple will, to avoid the public court process called probate, and sometimes for tax or protection reasons. They range from a revocable living trust, which you can change anytime, to irrevocable ones that lock the terms in. Most people do not need a complex trust, but many benefit from a basic one.
01Why it matters
A trust can decide how and when your heirs receive money and can spare them the delay and publicity of probate, which is why it is a core estate-planning tool.
02The math, step by step
A parent sets up a trust so their child receives an inheritance in stages at ages 25, 30, and 35, rather than all at once, with a trustee managing it in between.
03What this is NOT
A trust is NOT the same as a will. A will takes effect only after death and goes through probate; a trust can operate while you are alive and can pass assets outside of probate.
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