What is a Trust?

• A trust is a relationship whereby property is held by one party for the benefit of another.
• A trust is created by a settlor who transfers property to a trustee.
• A trust is created during the lifetime of a person to determine handling of property during that lifetime and afterwards.
• A Revocable Living Trust, the grantor uses their individual name and SSN  for tax purposes.
• A Trust becomes Irrevocable upon the grantor’s death, a FEIN must be used for tax purposes not the decedents SSN.