You can create a trust while you are alive or in a will.
You can create a trust to protect a spouse and children, for tax purposes, to provide for a minor or special needs person, and or for a charity organization. Trusts can be a very important tool in your estate planning and or asset protection planning but they can also be tricky. And, to get exactly what you want in a trust, you must understand some important concepts.
What is a contingent beneficiary?
What is the corpus of a trust?
What is a fiduciary Duty?
The more trust language you understand the more likely you will have the best trust in place for your specific needs and or if you are involved in a trust( as a trustee, grantor, or beneficiary) you will better understand and to benefit from the situation.
To learn more, read our entire report on commonly used trust words and what they mean in A Guide to Lawyer Language: Understanding Trusts