Frequently Asked Questions Videos

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A revocable living trust is a trust created by an individual during their lifetime that they have the authority to amend or revoke during their lifetime. It allows the individual to place their property in it, and when they become incapacitated, a chosen trustee to manage that property and distribute it upon their death.

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Testamentary supplemental needs trust, or special needs trust, is a special needs trust created within a will. When an individual dies the assets left to that special needs trust go to benefit a disabled loved one such as a spouse or child.

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A trustee is the individual or entity appointed in a trust agreement to manage the assets of a trust. A trustee only can manage those assets included in that trust and must act in accordance with the laws of the state in which the trust is administered.

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A UTMA account refers to a Uniform Transfer to Minors Act account. This is an account set up for the benefit of a minor and administered by an adult custodian. When the minor reaches the age of majority, the minor can take control of the account and use it as he or she pleases.