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February 2015 Archives

What you should know about special needs trusts

A special needs trust is a type of trust that is set up to specifically handle the needs of a beneficiary that is considered disabled or mentally ill. It is similar to a regular trust and is managed by a person called a "trustee." The person that benefits from the trust is called a" beneficiary." A special needs trust is generally created when a beneficiary lacks the ability or mental capacity to run and manage their own finances.

What is an inter vivos trust?

An inter vivos trust, or rather, a living trust, is an arrangement created by an individual while he or she is still living that allows his or her affairs to be managed by someone else. An inter vivos trust is somewhat similar to how the contents of a will are handled, but instead, the person arranging the trust is called the beneficiary rather than the grantor and the person managing the trust is known as the trustee rather than the executor. Since this type of trust may be revoked at any time, it is often known as a revocable trust.

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