What is a trust?

A trust is a legal arrangement in which an individual, known as a grantor, transfers assets to a trustee to manage for the benefit of a third party, known as a beneficiary. In Delaware, Elder Law is the practice of law that focuses on providing legal assistance to older adults and their family members. Trusts are commonly used in Elder Law to help older adults plan for the future when it comes to their finances and health care. A trust allows the grantor to decide how certain assets will be managed and distributed after death. The trustee holds title to the trust assets on behalf of the beneficiaries, and is responsible for managing and distributing them according to the instructions that the grantor has written into the trust. The grantor can also use a trust to provide for the short and long-term needs of the beneficiaries, such as providing financial support, health care, or housing. Trusts also provide a way for the grantor to reduce or avoid taxes, provide asset protection, and to ensure that their assets are distributed according to their wishes. The best way to ensure that a trust is properly established is to consult with an experienced Elder Law attorney in Delaware who can help guide the grantor through the process.

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What is a trust?

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