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[ C ] a lawful arrangement in which a person or organization controls assets and/or money for another person or Business:
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Qualified terminable interest property (QTIP) trust: When the 1st wife or husband dies, the belongings from the trust account assistance the surviving partner; once the surviving partner dies, the remaining assets go solely to the very first partner’s preferred beneficiaries.
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You could tailor a trust to your preferences. There are a variety of forms of trusts to select from, but all trusts drop below two principal groups.
Privacy. Trust assets don’t must go through probate, which happens to be Component of the public record. A trust may also help when you’re disinheriting an individual or have sophisticated property.