A trust is a legal arrangement concerning the ownership and disposition of property. The owner of the property transfers ownership to another person or a company, who then becomes the trustee. The trustee is then responsible for using the property for the benefit of the parties named in the trust document.

Trusts can be either revocable or irrevocable. Revocable trusts can be changed or revoked. Irrevocable trusts cannot be changed or revoked. A simple, basic trust may be all you need to leave instructions and assets to a chosen beneficiary. If you need to address special circumstances such as caring for children from a previous marriage, using a specific asset to fund the trust, or donating assets to a charity, you may want to consider a specific type of trust.

No matter if you've worked a lifetime to accumulate your wealth, or have just inherited a large amount of money, once you have decided to establish a trust, seek the professional guidance of an attorney and Financial Representative. An attorney needs to draft the paper work that will create the trust and can help explain the types of trusts that may address your needs. Your Northwestern Mutual Financial Network Representative can help you decide which vehicles will best fund that trust. Professional advice will help ensure that your trust is established and funded successfully and that your inheritance is used to accomplish the goals you have in mind.