What is a trust?
Minnesota estate planning attorney Karen Schlotthauer discusses the different types of trusts.
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What is a trust? There are many different types of trusts. Some trusts get created during your lifetime. Other trusts get created after your death. Those are referred to as testamentary trusts. But there is a common trust that you create during your lifetime called a revocable living trust that is often times used to avoid probate. And regardless of what kind of trust we’re talking about, I always describe it as a bucket. And at some point, assets will go into this bucket, and there’s a person called a trustee who’s in charge of what’s in the bucket, and there’s an agreement called a trust agreement, which tells us who gets it and when do they get it.