A trust is a legally enforceable document which essentially provides instructions on how assets listed within the trust are to be managed.  Trusts generally provide instruction on such things as: how assets are to by invested or spent; what debts are to be repaid from the trust funds; the designation of a trustee; what powers the trustee is to have; and, who is to receive the trust assets when the trust ends.  There are a variety of trusts, ranging in effect and purpose.  Depending upon your given estate planning needs, you may wish to have all of the terms within your trust take effect immediately, or you may wish to create a trust with certain terms which spring into effect upon death.  Trusts can be complicated and can have a broad impact on your financial situation so you should definitely consult with a qualified attorney before deciding to create one.

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