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There are many types of trusts. Two of the most popular and well known Trusts are Living Trusts and Testamentary Trusts.
Living Trusts are active during your lifetime. They are very flexible and can be set up according to your specifications. Some of the more common provisions include paying bills on your behalf, monitoring your investments or investing for you, collection of income, and keeping accurate records that can be delivered to your Tax Accountant to aid in the preparation of your income tax returns. This type of Trust does not have to end at your death, but can continue on to take care of your loved ones into the future.
A Testamentary Trust becomes active at your death. It is set up through your Will, to your specifications. This type of Trust is set up to take care of your loved ones during their lifetimes and can help to reduce or eliminate estate taxes.
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