Trusts

Living trusts, revocable living trusts, special needs trusts, testamentary trusts.

For many people, the simple will is the backbone of an estate plan. A simple will may or may not bring people into probate court. For some, avoiding probate is a crucial priority. They may want to maintain privacy and keep personal information out of court documents, or they may simply wish to streamline the process of distributing assets for their heirs, saving court costs and time. A living trust is designed for these purposes. Living trusts all work to keep the process simple, efficient, and out of probate.

Creating a living trust involves transferring your individual assets into the “container” of the trust. When you pass away, the trustee executes the wishes of the living trust creator, distributing the trust (versus the cumbersome process of dividing individual assets) among the beneficiaries.

The advantages of living trusts are many, and our attorneys can explain all of your options. A living trust may help you minimize tax, making it advantageous as part of your estate planning. There are also several types of trusts, which allow you to customize your estate planning process.

Types of trusts:

Certain types of living trusts can allow people greater control in different scenarios.

• Testamentary trusts allow the creator to assign certain conditions (such as an age requirement) for beneficiaries.
• Revocable living trusts are a great option for those who want some flexibility, as they can be changed (or revoked) at any point during your lifetime.
• A special needs trust (or “disability trust”) is created for people who have a disability, providing important shelter for funds that would otherwise be spent down on care.
• Contingent family trusts help manage property for children until they reach a certain age.

There are also supplemental needs trusts, and irrevocable life insurance trusts. Each type of living trust has advantages and purposes for specific estate planning needs. Contact us to discuss what’s right for you and your family.