What is a trust?

Jul 16, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally trust refers to the written or implied right to property held for the benefit of another. A trust is usually either revocable or irrevocable. Typically an irrevocable trust requires  the filing of a separate tax report, while a revocable trust requires no such tax filing. A trust could be established during the creator's lifetime, or it can be testamentary (i.e. created by a will upon a person’s death). Also, there may be situations where courts would construe the existence of trust. A trust document will usually identify 3 parties: (1) The settlor (often called trustor, grantor or creator); (2)The trustee (the person administering the trust in accordance with the terms of the trust document and/or applicable laws); and (3) The beneficiary (the person who stands to benefit from the trust). In many jurisdictions, if the settlor and the trustee is the same person, then the courts may construe a trust that is labeled irrevocable as revocable. A trust could be part of larger tax minimization strategy and a vital estate planning tool.

 

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