In addition to the basic estate plan documents, some people will want to set up a trust.
A Trust Agreement:
Establishes a trust into which you would place some or all of your assets, to be used for the purposes you designate.
Allows you to appoint one or more trustees to govern the trust and use the assets according to its terms. Usually you start out as the initial trustee and then, at a time of your designation (your death or incapacitation, e.g.), others take over managing your trust.
Can be used to achieve purposes that are too complicated for a will, such as providing for children with special needs, or simply just making sure your specific wishes are carried out as regards the use of your money.
Can provide tax savings.
Allows your heirs to receive their inheritance much more quickly than if you have only a will, since it minimizes the involvement of the Probate Court.
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