What is a trust?

A trust is a legal document that is used to manage someone’s property, finances, or assets after their death. In Vermont, trusts are legally binding documents that can be used to pass down property, finances, and assets to beneficiaries after a person’s death. The person who sets up the trust is known as the grantor, and the person or people whom the trust is set up for are known as the beneficiaries. The trust document sets up the rules and conditions that must be met by the grantor and the beneficiaries. The grantor can set up the trust to keep their property, finances, and assets safe until the beneficiaries reach a certain age. The trust document might also direct the trustee to use the trust assets to provide financial support to a beneficiary, or instruct the trustee to make distributions of trust assets to the beneficiaries when certain conditions have been met. Traditionally, the grantor, trustees, and beneficiaries can appoint an attorney to ensure that the trust is administered properly and that all legal requirements are met. In Vermont, trustees are legally required to manage and protect trust assets in accordance with both the trust document and state law. The trust must also be set up correctly, and all documents must be updated and maintained as needed.

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What is a trust?

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