A legal instrument that grants control of specified assets to a person or financial institution (the trustee). Trusts contain guidance and instructions as to how the trustee must treat the property inside the trust. Trusts can be revocable or irrevocable and can manage property while the grantor is alive or following the grantor’s death (a testamentary trust).
CFP® certification is a voluntary certification granted in the United States by Certified Financial Planner Board of Standards, Inc. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Individuals who become certified are required to complete continuing education.