What Are the Different Types of Trusts?
When going through estate planning, you may choose from many different types of trusts depending on your situation. Understanding what these trusts are, how they help your loved ones, and what their purposes are is important.
Here are the most common types of trusts:
Irrevocable life insurance trust
Special needs trusts
What Is the Purpose Of a Trust?
Within the trust, you can write out your last wishes. You are called the grantor, or settlor. You have someone that is designated to manage the assets within the trust, called a trustee, and the beneficiaries — or the people who receive the assets within the trust. Upon your passing, your assets will be distributed as you wish as part of the trust so that you may pass on your legacy as you see fit.
If you don’t have a trust or any other form of estate planning in place, you allow the courts to make decisions regarding your assets. The judge may give assets to people that you may not intend them for, which can be a cause for contention after your passing. In many cases, not having a trust means losing some of your property to creditors and estate tax.
Working with a Trusts Attorney to Protect Your Future
We take a unique approach to estate planning. Many traditional law firms will talk to you with legal jargon. We make it easy to make important decisions regarding your property and families. When you reach out to our firm, we will help you understand what comes next. Throughout the entire process, we will be your trusted advisors. Thank you for considering our firm; we look forward to working with you and helping you understand your rights.
Call us today and speak with us about your goals and needs moving forward.