A legal agreement where an individual (the trustee) controls property or assets put into a trust by another (the grantor) for the benefit of another (beneficiary).

The best way to answer this question is by meeting with your attorney and a Northwestern Mutual Wealth Management Company® Investment Management and Trust Consultant. The specific details of your situation along with the objectives you want the trust to achieve will determine which type of trust arrangement is best for you. Additionally, you can look through our descriptions of trust arrangements in the Products and Services section. These descriptions will help you understand how various types of trusts apply to individual situations.

Many trusts offer tax savings strategies by sheltering an individual's assets from his or her estate when the ownership of property is transferred to the trustee. This transfer of ownership provides the opportunity for an individual to minimize his or her estate tax liability.

Some arrangements take advantage of existing estate law, such as marital and unified credit trusts, or generation skipping trusts. Other arrangements, such as a charitable remainder trust, gift valuable assets out of an individual's estate to a charitable organization, helping that individual reduce estate tax, while fulfilling the individual's charitable intentions.

For specific information about using a trust for estate tax savings strategies, contact a Northwestern Mutual Wealth Management Company® Investment Management and Trust Consultant.

If you're ready to consider setting up a trust, Northwestern Mutual Wealth Management Company® can help you decide which kind of trust fits your situation. To get started, contact your Northwestern Mutual Financial Representative who will put you in touch with a Northwestern Mutual Wealth Management Company® Investment Management and Trust Consultant or call (877) 888-6827 to locate a Consultant.

Once your initial meeting is scheduled, you should spend time evaluating your financial and estate planning objectives. Think about your financial needs and how you wish to distribute your assets to your loved ones. You should also be prepared to bring financial documentation, such as copies of your most recent tax return, investment and bank account statements, and life insurance policy statements.

Fees for services performed by Northwestern Mutual Wealth Management Company® depend on the asset market value within the trust arrangement and differs for life insurance trust services. Current fee schedules are available by calling (877) 888-6827.

A revocable trust allows you to make changes to the trust document at anytime during your lifetime. Revocable trusts include living trusts, marital trusts and unified credit trusts.

A trust is funded when ownership of assets is transferred to the trust. A trust can be funded in a variety of ways. How you choose to fund your trust will depend on your financial goals and objectives. Some of the most common types of funding arrangements include life insurance, highly appreciated assets and other estate assets.

Business owners who wish to secure the continuation of their businesses can use trust arrangements to provide estate liquidity. These type of arrangements can help pay estate taxes, provide a source of funding for transition of ownership and pay off outstanding debt. Please seek professional advice from your attorney before making any trust arrangement decisions.

No, Northwestern Mutual Wealth Management Company® only offers trusts and investment management accounts for individuals and small business owners.