No, not the trust that takes years to build, seconds to break, and forever to repair. I am talking about trust that is as equally important and equally as morbid.
Definition of 'Trust'
A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.
There are two types of trusts:
1. Living Trust (inter-vivos): A trust that is in effect during the trustor's lifetime.
2. Testamentary Trust: A trust that is created through the will of a deceased person.
Investopedia explains 'Trust'
"For example, a trust can be used if a beneficiary is under age or has a mental disability that impairs the person's ability to maintain his or her own finances. Once the beneficiary is deemed able to manage the funds or assets by the terms dictated under the trust, the beneficiary will receive possession of the trust. The trust is taxed on any funds not distributed to the beneficiary."
Listen, it's important for you to do estate planning. Invest in an attorney to do estate planning. I know that sounds extremely preachy, but it's a harsh reality that we all have to face. When you lose a loved one, things can get kind of messy with grown folks. Let's try not to have Uncle Freddy and Aunt Thelma fighting over pops' compact disc collection he "promised" both of them, which contains such classics as
Color Me Badd's 1991 classic I Wanna Sex You Up, on the their debut album. The one CD in the case in the same position as it was placed there 20 years ago before it was okay for Aunt Thelma and Uncle Freddy to sleep in the same room. Uncle Freddy words still written in permanent ink, "I am sorry bro."