A trust is a relationship between two parties, in which one party, called the Trustee, has the legal title to property of the other party, called the Beneficiary, who has equitable title of the property. The trustee manages the property for the benefit of the beneficiary. A trust can allow one or more people to manage the property for the benefit of the beneficiary. A trust can be created during a person's life and survive their death, or they can be created by a will and take effect after the person's death.
Defined below are basic trust types and concepts for informational purposes. The creation and administration of trusts is complex, if you have questions related to your specific needs, do not hesitate to contact Davis Law. Davis Law can be reached at 404.901.2500 and 770.922.8500, or send us a message from our website - Contact Davis Law.
A revocable trust can be altered, changed, or revoked.
An irrevocable trust cannot be changed or altered after it has been created. Once property has been transferred into an irrevocable trust it cannot be taken out of the trust.
Inter Vivos Trusts
An inter vivos trust is a living trust.
A testamentary trust does not go into effect until after the trustee's death.
A charitable trust benefits a certain charity.