Trusts Can Serve Numerous Purposes

A will may be sufficient in order to transfer your assets after your death, but it may not maximize your estate plan on its own. A trust is a powerful estate-planning tool that you can use to accomplish specific goals that a will alone cannot.

Different Trusts For Different Needs

There are numerous types of trusts that you can use to meet different goals. Some of the most common include the following:

  • Revocable living trust: You may create this type of trust during your lifetime and serve as its trustee. You can modify, change or terminate it at any time. When you die, your assets pass directly to the people you want to have them without the cost or delay of a probate proceeding.
  • Special needs trust: This trust allows you to provide assets to someone with special needs without jeopardizing their access to government programs and services such as Medicaid.
  • Life insurance trust: A life insurance trust can be used to minimize estate taxes.
  • Charitable trust: You may set up this trust to save money on your taxes and leave assets to a charity you wish to support.
  • Beneficiary trust: Through a beneficiary trust, you can protect a child's inheritance from issues such as bankruptcy and divorce.

These are just some of the trusts you could use to enhance your estate plan and better protect your assets. In addition, using trusts could help your beneficiaries avoid the expense, delay and publicity of a probate proceedings. By passing assets directly to your family members, you can keep your family's financial affairs private. Our lawyers can assist in establishing a trust, funding it, and advising your beneficiaries.

For More Information About Trusts

To know whether you could benefit from a trust, and what kind would best suit your needs, contact the attorneys at McCurrie McCurrie & McCurrie, L.L.C., either online or by phone at 201-467-4180.