What is a Trust?
A common question we often hear is ”What is a Trust”? Simply put, a Trust is a legal document or “private contract” between the Grantor, the Trustee and your Beneficiaries that holds assets for the benefit of a beneficiary. Trust assets may include your personal residence, your investment account, other real estate or your business and is limited only by your valuable assets you wish to contribute to your trust.
Your beneficiary is the person who will enjoy the benefits of your Trust assets. They can include husbands, wives, children, pets, grandchildren, and/or charitable organizations of every color and variety. A beneficiary may even be yourself. Trusts are not Wills. There are many types of Trusts, but the one main benefit of all Trusts is how they keep your estate out of probate after your death thus ensuring your privacy.
To determine if a Trust or what type of Trust best meets your needs, contact one of our knowledgeable Trust Officers to assist you.
By telephone, call 906.482.0404 or toll-free at 1.866.482.0404.
