Protect your most treasured assets by setting up a trust with Union Bank. One of the most effective means of guarding your estate, a trust is a legal document used to benefit either a person, such as a child or spouse, or a group of people, such as a charity or nonprofit.
- Living trusts—to provide for the control and use of your assets during your lifetime. Living trusts are distributed when you die as directed by the trust. There is no probate process for assets put into the trust.
- Testamentary trusts—tied to a will and take effect when you die. A testamentary trust can help distribute your assets to those you wish to inherit them at a future date.
- Irrevocable trust—set up while the grantor is living for the benefit of someone else, an irrevocable trust cannot be changed.
- Charitable trust—an irrevocable trust set up to benefit a charitable organization.
- Supplemental-needs trust—to provide for someone who has special needs or requirements.