Manage and hold assets including real estate and shares that are normally to be managed by a single person. Trust companies that are the best (trustee) will manage the trust’s funds on behalf of the trust’s beneficiaries (those who own those shares). The most common type of trust is called a “revocable living trust.” You may name yourself the trustee of this trust and have broad rights to trust assets. Additional people may also be named as trustees. If you die prior to when your trust is irrevocable, it becomes irrevocable at the point of your death.

An irrevocable trust is far more official than revocable trust as it can’t be altered after its creation. A lawyer is required to make it happen. The purpose of a trust is in order to make sure that the assets you possess are not subject to creditors. In the case of example, if have shares in a corporation and plan to retire soon, you might want put a small portion of the stock into a trust so that it is not vulnerable to lawsuits against your personal assets. d275ap6izl.