A trust is a mechanism (set out in a document) that allows you to give assets to another person but still direct how those assets are to be used. The person giving the assets, who is referred to as the settlor, selects a third party, the trustee, to administer the trust and distribute the assets to the beneficiaries in accordance with the settlor’s wishes. Accordingly, if you (the settlor) set up a trust to pay for your children’s (the beneficiaries) post-graduate education, the trustee may only distribute assets for this purpose.
If you have any questions related to trusts in Connecticut, please contact Joseph C. Maya, Esq. at (203) 221-3100 or e-mail him directly at JMaya@Mayalaw.com.