The 5 Types of Trusts (and when they are used)

Big Picture Retirement®

Devin Carroll

News, Business News, Investing, Business

4.7 • 546 Ratings

🗓️ 18 February 2019

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

A trust is a legal entity, just like a corporation or an individual person. All trusts will have an exchange of property and three categories of people:

The people who create it, called the grantors, or the settlers, or the trust-makers
The people in charge of the trust, usually called the trustees
The beneficiaries: the people who get the benefit of the trust

Devin and John go over the different types of trusts and when to use them.

For more information, visit the show notes at https://www.bigpictureretirement.net/108

Transcript

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0:00.0	The Big Picture Retirement Show does not provide specific tax, legal, or financial advice.
0:05.1	Listeners are encouraged to seek out their own advisors in these areas.
0:12.9	Hello, everyone. Welcome to The Big Picture Retirement Show. This is the podcast for anyone who is planning for or living in retirement. Hey, I'm Devin Carroll, and with me
0:23.3	today is John Rolk. Howdy. Hello, John. John, you know, we put a Facebook post up some time
0:32.2	ago, and we pinned it to the top. And in that Facebook post, we said, hey, we'd like to hear your ideas for topics.
0:40.4	So today, we wanted to tackle one of those that we hear over and over. We had a few folks
0:46.7	leave a certain topic, and I know you've got it pulled up over there looking at it.
0:50.9	I mean, there was one in particular, and somebody had said that they'd just be happy about an episode about trust in general. But then there were several about things like what assets shouldn't be moved into a trust, what assets are overlooked, and should be moved into a trust. And then there were some others that were, they weren't asking specifically about trust, but they were, they just didn't realize it. Right. This is something that I'm personally interested in because you and I got in a conversation sometime last year about doing some trust planning for me. Right. I'm still cutting my teeth on this too, so I'm very interested to hear what we're going to talk about today. We're just going to break it down. My plan is we're going to talk about the fundamentals of all trusts. Okay. And then we're
1:30.1	going to get into four or five most common types of trust that you'll see out there. So for 99 and some
1:38.6	change percentage of the listeners, we're going to cover everything. Sounds fantastic. Obviously not into a lot of
1:45.1	detail. Because as with any particular thing, we could spend hours on this. You can have an entire
1:51.8	master's of law degree in this topic. Oh, good Lord. A whole other year, year and a half
1:59.5	after your law degree,
2:01.8	getting a master's of law just in this topic.
2:04.7	We're going to hit the highlights.
2:05.8	Yeah, please do.
2:06.5	All the trust is, a stack of paper.
2:09.1	Okay.
2:09.5	All right.
2:10.6	You got this stack of paper.
2:12.8	It's signed.
2:14.1	And you now have this legal entity.
	...

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