Trusts

Under a trust assets are owned by the trust and managed by the trustee for the benefit of individuals (called beneficiaries). The trust also names individuals to whom the assets will go upon the death of the maker of the trust (settlor). With an Inter Vivos Trust (living trust) a trustee is often the maker of the trust and usually names the relatives as successor trustees upon his or her death or disability. Typically the assets of the trust are distributed upon the death of trustee to his or her beneficiaries, unless otherwise stated by the maker.

Testamentary Trusts

A testamentary trust can also be created through a will. This would occur when an individual specifically instructs, in his or her will, for a trust to be created with specific assets after death. The trust would name specific beneficiaries, terms and conditions for handling and payment of assets, and a trustee to manage the assets.

Special Needs Trusts

Special Needs Trusts may be created when a probate court, parent, grandparent, or guardian, desires to protect assets which ordinarily would pass to a disabled individual due to the death of a parent, or an insurance settlement, which is the result of an accident, and the parties wish to establish or maintain available Medicaid, or other government assistance.

At Twiss and Twiss we have extensive experience in preparing trusts, and assisting clients in trust administration.