In Trusts We Trust: Day 55

February 3, 2012 by admin

Totten Trust Totten Trusts were named after a famous case in 1904 that established the ability to designate a beneficiary on an account and have the account paid to the beneficiary upon death.  This kind of arrangement is also known as Transfer on Death or Pay on Death (“TOD” or “POD.”) A Totten Trust is […]

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In Trusts We Trust: Day 53

February 2, 2012 by admin

Tax By-Pass Trust Tax By-Pass Trusts are trusts that are irrevocable, meaning they can’t be changed once they are created, and the terms must be carried out.  In some cases where circumstances make carrying out the terms of the trust uneconomical or too difficult a court may step in to allow the terms to be […]

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In Trusts We Trust: Day 54

February 2, 2012 by admin

Testamentary Trust A Testamentary Trust is typically put in place for children so that when a parent dies, an appointed trustee will make sure money from things such as life insurance policies, etc are distributed to them correctly. The trustee will be responsible for the trust and distributing funds until the trust expires which is […]

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In Trusts We Trust: Day 52

February 1, 2012 by admin

Standby Trust A Standby Trust is an investment plan created by the owner of the trust and carried out by the executor of the trust at the direction of the creator.  The trust is created during the lifetime of the creator and then is carried out per the creator’s directions at the time of his […]

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In Trusts We Trust: Day 51

January 30, 2012 by admin

Spendthrift Trust Spendthrift trusts are trust accounts that have an appointed trustee over them to oversee the distribution of the assets that are left after you have passed away.  The beneficiary of a spendthrift trust can’t spend the money in the trust until it has actually been distributed to them.   Assets that are held in […]

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In Trusts We Trust: Day 50

January 28, 2012 by admin

Special Power of Appointment Trust A Special Power of Appointment Trust is a trust where the donee can only choose appointees from a certain class of people.  The appointees can be over only certain parts of the property or over the entire trust.  In a Special Power of Appointment Trust, the donee can’t appoint themselves […]

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In Trusts We Trust: Day 49

January 27, 2012 by admin

Special Needs Trust A special needs trust is a trust that provides supplemental assistance to a disabled person or a mentally disabled person.  Special needs trusts are not able to be used for support purposes, such as food and shelter.   One of the benefits of a special needs trust is that the beneficiary doesn’t lose […]

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In Trusts We Trust: Day 48

January 25, 2012 by admin

Simple Trust A simple trust is a trust where the trustee’s only duty is to distribute the assets to the beneficiaries according to the terms of the trust.  Simple trusts are aptly named, because they are in fact simple trusts to deal with.  They do not include charitable gifts and they do not include assets […]

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In Trusts We Trust: Day 47

January 25, 2012 by admin

Revocable Trust A revocable trust is a trust that can be changed at any time or canceled if the grantor desires. They are also referred to as living trusts, or revocable living trusts.  If you decide to change or alter your revocable trust, you will need to do so through a trust amendment, where you […]

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In Trusts We Trust: Day 46

January 24, 2012 by admin

Resulting Trusts A Resulting Trust is an arrangement whereby one person holds property for the benefit of another. To understand a Resulting Trust, however, it is first essential to understand an Implied Trust. An Implied Trust is a Trust that arises by inference; the trustor’s intentions are speculated upon, and using the trustors conduct, actions, […]

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