Trust Preparation Assistance
Trust Preparation Assistance subcategories:
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Programs that provide assistance for people who want to prepare a trust which transfers all or some of their property to a trustee who holds or manages that property on behalf of a beneficiary (which may include the individual who initiates the trust). The rights of beneficiaries and the rights, powers and responsibilities of the trustee are included in the trust document. Trusts may be revocable (can be altered or revoked) or irrevocable (cannot be altered or canceled once written but carry special tax benefits); can take effect immediately or can be established as standby trusts, ready to receive assets if the individual becomes disabled; can be established as testamentary trusts which take effect after the death of the individual under the terms or conditions of his/her will; or can be supplemental benefits or luxury trusts which are used to transfer assets to a person who may receive public benefits and could be used to fund items not covered by the benefits without affecting the individual's benefit eligibility.
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