Choosing the Right Type of Trust for You
Establishing a trust allows you to list assets to be placed within the trust, name beneficiaries, and appoint a trustee to manage the trust. Trusts can go into effect during your lifetime (living trusts), or be revocable upon the creator’s passing. There are numerous types of trusts, meant to fit a wide range of unique needs.
One of the following trusts may be right for you:
- MARITAL TRUSTS - These trusts benefit the spouse of the individual establishing them and can help avoid some costly taxes, protect property, and ensure that children are cared for.
- SPECIAL NEEDS TRUSTS - Individuals with special needs may have property or assets left to them through this trust. It is even possible to establish governmental benefits and inheritance matters.
- TRUSTS FOR CHILDREN UNDER 18- If assets, property, or inheritance is to be left to minor children, a trust can ensure that the funds are correctly distributed to the recipient.
- REVOCABLE TRUSTS - These trusts can help avoid potentially damaging probate taxes and processes, and ensure that the individual’s wishes are carried out upon passing.
There are quite a few other types of trusts that may work for your unique situation, including spendthrift trusts, special needs trusts, family limited partnerships, and irrevocable trusts.