What is a trust?

A trust is a legal entity that allows a person, referred to as the grantor or settlor, to set aside money or property for the benefit of another person, known as the beneficiary. In Kansas, a trust is a vehicle used in Elder Law to protect an individual’s assets and provide for the care of elderly individuals or those with special needs. Trusts can help individuals plan for their future and protect their assets from creditors. Trusts can also provide tax advantages, such as avoiding probate or reducing tax liability. In Kansas, trusts are created with either a written contract or an oral contract. They can be revocable, meaning the grantor can modify or terminate the trust, or irrevocable, meaning the trust cannot be modified or terminated without the permission of the beneficiaries. In Elder Law, trusts are often used to ensure that assets are passed down to beneficiaries according to the grantor’s wishes. These trusts can also provide for the care of an elderly individual or a special needs person. This includes the management of financial matters, such as ensuring that bills are paid and that health care decisions are made according to the wishes of the grantor. A trust is an important part of Elder Law and can be a beneficial tool for protecting an individual’s assets and providing for their future. In Kansas, individuals should consult with an experienced estate planning attorney to ensure they are setting up their trust properly and in accordance with state laws.

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