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Basic types of trusts

When completing your estate planning process, you may think all you need is a will. While a trust doesn't replace a will, it can be a good estate planning instrument. Most trusts only deal with specific assets, such as a piece of property or life insurance. A will details how everything else in your estate will be distributed.

There are revocable and irrevocable trusts. A revocable trust lets you keep control of any assets in the trust, and you can change or revoke the trust whenever you want.

An irrevocable trust means that the assets you put in the trust aren't yours any longer. You usually are not allowed to make any changes unless the beneficiary of the trust agrees to them. Such a trust is usually not subject to estate taxes.

At Faith, Ledyard & Faith, PLC., we understanding that estate planning is not something anyone really looks forward to. However, when your estate plan is in place, you won't have to worry about what happens to your assets and heirlooms when you pass away. You will know that your wishes are being carried out.

There are many other types of trusts that deal with specific situations, such as:

-- Generation-skipping trusts

-- Credit shelter trusts

-- Irrevocable life insurance trusts

-- Qualified personal residence trusts

-- Qualified terminable interest property trusts

When you need assistance with your estate planning, you should speak with an experienced attorney. With DIY estate planning, online forms may not hold up in court or the advice may not be correct. An attorney will ensure that your estate plan is not only enforceable, but that it is updated when needed.

To learn more about estate planning, take a few minutes to look over our webpages on the topic.

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