In brief
A trust is a legal arrangement in which a trustee manages property for beneficiaries under written terms. Different trusts have different tax, control and probate consequences.
What to do next
- Identify the purpose of the trust
- Discuss revocable versus irrevocable arrangements
- Understand who will serve as trustee
- Ask how assets must be transferred into the trust
- Review tax and administration implications with professionals
Questions worth asking
Who has legal authority? Which assets are involved? Which state’s law applies? Are there court deadlines, tax issues, or disagreements that require professional advice?
Where to go from here
Use the state directory to locate the relevant jurisdiction and verify current requirements with official courts or government agencies. The free tools can help organize information before a professional appointment.