Contingent trust is a trust that can only be created should certain conditions be met as stated in a person’s will. To set up a contingent trust, a person states in their will the specific conditions they wish to be met in order for the trust...
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Credit shelter trust (CST) (also called an AB trust or a bypass trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions.
The strategy involves creating two separate trusts after...
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Declaration of trust is the document used to establish the primary details of a trust. While some states allow oral declarations, many states require a written declaration of trust outlining the essential pieces of the trust in order for it...
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Directed trusts are a type of trust that allows the creator of the trust to separate responsibility for the management of some or all of the assets from the trustee. Under common law, the trustee would manage all of the trust assets and...
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Disclaimer trust refers to a type of trust used by spouses to limit estate taxes. Spouses can agree to move assets the other spouse will receive upon their death into an irrevocable trust in their wills. This only occurs if the spouse chooses...
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Dynasty trusts refer to trusts created to last over many years and multiple generations. The goal of the trusts is to avoid taxes to the extent possible and create a source of income that will last beyond just one generation. The grantor of...
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Vickie Lynn Marshall (known to most of the world as Anna Nicole Smith) married eighty-nine-year-old billionaire oil tycoon J. Howard Marshall II in 1994, shortly before his death. During their fourteen-month marriage, Mr. Marshall provided his wife...
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The term “corpus” is Latin for "body.” A trust corpus is the "body" of the trust. This is the property that is transferred into the trust; also known as the trust res. A trust corpus is one of the fundamental elements that has to be defined...
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A trust instrument is a writing declaration or agreement to allocate a settlor’s property to their beneficiaries. It consists of the trust and regulates how the trust is executed. Trust instruments can be amended or revoked by the settlor at...
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A trust protector is a role with specific duties that is assigned by the trust document in order to fulfill the purpose of the trust. In the Uniform Trust Code Section 808, the trust protector is defined as “a person other than the trustee or...