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Home >> Common Trusts Explained

Common Trusts Explained

September 9, 2022 by Joshua K. Crawford

Common Trusts Explained

Most people are familiar with the concept of a trust; however, the thought of creating a trust can be a bit intimidating. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. The Vero Beach trust attorneys at Kulas & Crawford explain the different types of trusts available and the estate planning goals they can help you accomplish.

Testamentary Trusts

A testamentary trust is a trust that doesn’t activate until the death of the Settlor through a provision in the Settlor’s Last Will and Testament. Because a testamentary trust is activated by a provision in a Will, it is always revocable up to the time of the Settlor’s death because a Will is always revocable.

Living Trusts

Formally known as an “inter vivos” trust, a living trust is a trust that is activated during the lifetime of the Settlor once all the formalities of creation are in place. A living trust can be either revocable or irrevocable.

Revocable Trusts

A revocable trust is one that can be modified, terminated, or revoked at any time, and for any reason or without providing a reason, by the Settlor. A revocable trust can be a testamentary or living trust.

Irrevocable Trust

An irrevocable trust is one that cannot be modified, terminated, or revoked by the Settlor once the trust is activated. In most states, a court can modify or terminate an irrevocable trust under certain conditions; however, because that requires a court order it is best to consider an irrevocable trust to be one that you cannot change once it is activated. An irrevocable trust is always a living trust.

Constructive Trusts

A constructive trust is an implied trust. An implied trust is established by a court and is determined by certain facts and circumstances. The court may decide that, even though there was never a formal declaration of a trust, there was an intention on the property owner’s part that the property is used for a particular purpose or should go to a particular person. While a person may take legal title to property, equitable considerations sometimes require that the equitable title of such property really belongs to someone else.

Asset Protection Trusts

An asset protection trust is typically an irrevocable trust that is designed to protect your assets from claims of future creditors. The trust remains irrevocable for a specific number of years after which time the assets revert to the Settlor if there are no current creditor claims or threats. During the time that the trust is irrevocable, the Settlor cannot be a beneficiary of the trust though for the assets to remain out of the reach of creditors.

Special Needs Trusts

A special needs trust is a specialized trust that allows you to gift assets to a child with special needs without jeopardizing the child’s eligibility for much-needed state and federal assistance programs such as Medicaid and/or Food Stamps (TANF).

Charitable Trusts

Charitable trusts benefit organizations or the public in general. Charitable lead and charitable remainder trusts combine a charitable and non-charitable beneficiary into one trust. Along with fulfilling a philanthropic goal, charitable trusts are also frequently used to help lower an estate’s exposure to federal gift and estate taxes.

Spendthrift Trust

A spendthrift trust is a trust that is established for a beneficiary and does not allow the beneficiary to sell or pledge away interests in the trust. It is protected from the beneficiaries’ creditors, until such time as the trust property is distributed out of the trust and given to the beneficiaries.

Totten Trust

This is the name used for a type of trust created by a “Payable on Death (POD)” (or similar) beneficiary designation on an account. It is, in essence, a revocable trust in which the gift is not completed until the Settlor’s death or an unequivocal act reflecting the gift during the Settlor’s lifetime. The assets held in the account are automatically transferred to the named beneficiary upon the death of the Settlor; however, the beneficiary has no ownership interest in the assets during the lifetime of the Settlor and the Settlor can always revoke the designation up to the time of death.

Contact Vero Beach Trust Attorneys

To learn more, please join us for an upcoming FREE seminar. If you have additional questions or concerns about creating a trust, please contact the experienced Vero Beach trust attorneys at Kulas & Crawford by calling (772) 398-0720 to schedule a consultation.

Filed Under: Trust, Uncategorized

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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~Krissy L
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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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