What Are Trusts Used For


A trust is an arrangement whereby a trustee manages property (including real, tangible and intangible) for the benefit of another. The terms of the arrangement are reduced to writing in a trust document. A trust is created by a "settlor", who entrusts some or all of his or her property to a person of his choice known as a "trustee". The trustee holds legal title to the trust property, but is obliged to hold the property for the benefit of one or more individuals or organizations known as the trust "beneficiaries". A trustee has a fiduciary duty to make decisions regarding the trust property in the best interests of the trust beneficiaries, and can be held liable for any misuse or mismanagement of trust property. The trust beneficiaries hold equitable title to the trust property. A trust can be revocable or irrevocable.

  • Revocable trusts may be changed or terminated by the grantor at any time and for any reason.

  • Irrevocable trusts, once established, cannot be terminated or altered by the grantor for any reason.

Trusts also may be living trusts or testamentary trusts. Living trusts, legally referred to as an inter vivos trusts, are made while the grantor is still alive. Testamentary trusts are created by the grantor's will, and do not come into effect until his or her death.


There are many different types of trusts that can be used in your estate plan, including:

If you are in need of a trust, please call 216.225.9181, Email, or use the contact form to schedule a consultation.