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Do You Need A Trust As Part of Your Complete Estate Plan?
Connecticut readers know that estate planning is a smart step for everyone, regardless of income level or the size of the estate. A basic estate plan can allow you to decide what will happen to your property in the future and make things easier for your beneficiaries. Most people could benefit from a basic will, but you may need more than that in order to meet specific objectives.
One of the things you may need as part of your estate plan is a trust. This is simply setting aside certain assets for a specific purpose. Different from naming beneficiaries in your will, a trust can allow you to hold certain property aside for the benefit of a specific person or reason. If you think you could benefit from the creation of a trust, you may need to learn about the specific types of trusts.
Different types of trusts for different types of goals
The type of trust you need depends on your individual goals and the objectives you have for your estate. A revocable trust allows you to alter the terms of the trust and the property held in the trust during your lifetime. An irrevocable trust is not alterable once you create it. Besides these two basic types of trusts, other options available to you include the following:
- Charitable trusts
- Special needs trusts
- Asset protection trusts
- Constructive trusts
These are just a few examples of how you can use a trust to accomplish your estate planning goals. You can set aside money for a beneficiary who may not be able to care for themselves or protect a beneficiary who is too young to manage a large sum of money.
You would be wise to update your estate plan as needed after major life changes and events. After deaths in the family, divorces, remarriages or the birth of children, it is prudent to evaluate your existing plan and determine what changes could be necessary.
Planning for the future starts today
You cannot control the future, but estate planning can allow you to maintain some control over what will happen to your estate. From creating a trust to drafting a basic will, you have the right to decide what will happen to the money and assets you worked hard to build. A complete evaluation of your situation can help you decide what steps may be necessary for you and beneficial for your loved ones.
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