News & Resources: Blog

What Is A Trust?

Published: January 15, 2019
Establish Your Trust with Scott Bloom Law


A trust:

  • is an estate planning tool–a legal document–which is commonly used to manage the disposition of assets after the person who created the trust (the grantor) passes away. In addition, a trust can be used to distribute assets while the grantor is alive. It all depends on the purpose of the trust and how the grantor wishes to set up asset management and disposition.
  • can replace a will and can also be used to supplement a will.
  • names beneficiaries who are to receive assets per the terms of the trust.
  • is managed by a trustee or multiple trustees.
  • identifies beneficiaries and may also identify successor trustees who will manage the trust on an on-going basis.
  • takes assets out of your estate because the trust itself becomes the owner of the assets. The trustee then controls and manages the trust’s assets.
  • can operate for several generations—or for a single one—it all depends on how it’s set up.


  •  A trust is not typically subject to probate. This means that assets can usually be distributed to beneficiaries faster than assets that are part of a Will, because a trust isn’t usually subject to what can be a lengthy probate court process.
  • Because the trust spells out what is supposed to happen with the assets, the beneficiaries can be assured that there isn’t deviation from what the trust says. The trustee is legally bound to do what the trust says.
  • A trust can potentially ensure that assets are available for generations of beneficiaries; you can have confidence that your assets are helping your heirs for a long time.
  • An irrevocable trust  can be used to help assets pass to the beneficiaries without estate taxes coming due.


  • A trust’s purpose is to manage assets–assets are things like cash and things that can be sold for cash (e.g. a home, business, precious metals, bank accounts, jewelry, family heirlooms–anything you consider to be of value).


  • A trust can include assets which can be used to pay for the care of others.
  • This can include the care of anyone—for the trustee while they are still alive—or for an individual who is too young to care for themselves or doesn’t have the mental or physical capacity to care for themselves.


  • A team of professionals is the best way to determine if a trust is right for you. Start with an estate planning attorney and possibly a CPA in your education process. They will discuss all of the options with you so you can make the best decision for your needs.

There are many different types of trusts, each has its own purpose. We’ll go into a few of these in a separate blog. To identify the best kind of trust for your needs, talk to the professionals at the Scott D. Bloom Law office.

To schedule your free consultation,
email us, or call 1-215-364-1111
or 1-855-992-6337 (Toll Free)

CLIENT Testimonial

Scott Bloom Law Estate Planning Diagram

Sometimes after a loved one passes away, the family learns of things they were unaware of while the loved one was living. This was the case for one of our clients, Sam, after his father Tom Jr. passed away. Sam was always under the impression that the home he had grown up in, and that his father had lived in until his death, was owned by Tom Jr. To say it came as a surprise that it was indeed Sam’s grandfather, Tom Sr., who was the actual owner of the home, is an understatement. 

Apparently, when Tom Sr. had passed away nearly 40 years ago, there was no proper estate plan established. Now, Sam would need to open his grandfather’s estate, resolve tax issues that were never addressed, and then go through the legal process to make the home a part of his father’s estate. At first, Sam believed that the entire process would be easy enough for him to handle on his own. However, after digging a little deeper, he quickly realized he would need the help of a knowledgeable and experienced attorney.

Sam reached out to Scott Bloom Law and we developed a game plan for moving forward. We began by probating Tom Jr.’s will and, after some time, we were able to settle the estates of both Tom Sr. and Tom Jr. While it was no fault of Sam, this is a great example of the importance of having an Estate Plan in place. No one wants to leave their families in precarious situations after they pass. The long-term purpose of setting up an Estate Plan today is to preserve as much of your wealth as possible for the intended beneficiaries and retaining a capable attorney can help ensure all of your wishes are met.

At Scott Bloom Law, we are a team of advocates who care, always fighting for what’s best for our clients and their families. With knowledge, experience, and compassion, we strive to find solutions that make the aging process as emotionally and financially easy as possible. Visit us at or call 215-364-1111, to talk to find out more.

- Case Study: Estate Administration

JOIN Our Newsletter

Schedule Your Free Consultation

At Scott Bloom Law, we strive to provide excellent client service and will contact you as soon as possible. Send us an email, or call us to speak to someone directly.

CLIENT Testimonial

Scott Bloom is one of the most caring, responsive, elder law attorney you can find in central New Jersey. He has been a great support not only for my parents but also for me and my siblings. We are deeply grateful for everything he has done over the past 3 years. I am thankful ever day that he came into our lives. In the past year, we lost our father to the terrible disease of dementia, but we are relieved to know that our mother is still in good hands with Scott by her side. Our entire family highly recommends Scott Bloom and his team!
- Annette B., Allentown, New Jersey

JOIN Our Newsletter