Trust Agreement Definitions

Before defining a position of trust, it helps to define all its parts. So let`s take a look at some of the terms you`ll encounter most often as part of a trust agreement: Qualified Terminable Interest Property Trust: This trust allows a person to pass on assets at different times to certain beneficiaries – their survivors. In the typical scenario, a spouse receives a lifetime income from the trust and the children receive what is left after the death of the spouse. Target of the trust. They use different types of trusts to achieve a large number of specific estate planning objectives. You can use a few trusts for a single estate planning goal, while others will help you achieve more than one goal. .