What They Are and Why They Matter
What Is a Trust?
A trust is a legal structure that holds and manages assets for the benefit of individuals or organizations according to instructions you define.
Unlike a will, a trust can take effect during your lifetime and continue after your passing — allowing for greater control, privacy, and continuity.
A trust can:
- Manage assets during incapacity
- Distribute wealth according to your timeline and conditions
- Protect beneficiaries
- Reduce estate complications
- Provide ongoing oversight and structure
It is a powerful tool for those seeking clarity, control, and long-term stewardship.
Why Consider a Trust?
1. Avoid Probate
Assets held in a properly structured trust typically avoid the public and often lengthy probate process.
2. Maintain Privacy
Unlike a will, which becomes public record during probate, a trust remains private.
3. Provide Control Over Distribution
You can define when and how assets are distributed — protecting beneficiaries from receiving large sums prematurely or without guidance.
4. Protect Vulnerable Beneficiaries
Trusts can help safeguard assets for minors, individuals with special needs, or beneficiaries who may require financial oversight.
5. Plan for Incapacity
If you become incapacitated, a successor trustee can step in and manage assets seamlessly — without court intervention.
6. Support Charitable and Faith-Based Giving
Trusts can also structure ongoing charitable support, creating lasting impact aligned with your values.
Types of Trusts (High-Level Overview)
- Revocable Living Trust
Allows you to maintain control during your lifetime and make changes as needed.
- Irrevocable Trust
Designed for asset protection, estate tax strategy, or advanced planning. Generally cannot be easily changed once established.
- Testamentary Trust
Created within a will and activated upon death.
Each structure serves a different purpose depending on family dynamics, business interests, and long-term objectives.
How Trust Planning Fits Into Holistic Stewardship
At FRP, trust planning is not about complexity — it is about clarity and control.
We coordinate with estate planning attorneys to ensure:
- Assets are properly titled
- Beneficiary designations align with the trust structure
- Liquidity planning supports estate goals
- Family members understand the structure and responsibilities
True wealth planning considers not only how assets grow — but how they transition.
