3 Different Types of Trusts To Fit Your Needs

We’ve written before about the benefits of using Trusts in your Estate Plan. Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your belongings, property, and money after you pass away. Estate Planning can be accomplished through many methods, including Trusts.

A Trust is a fund that is managed and protected by a third-party. It is funded by you, to be given to someone you selected at the time of your death. Unlike assets placed into a Will, anything you put in a Trust will be given directly to your chosen recipient at the time of your death and not pass through probate first.

Not all Trusts are created equal, however. There are dozens of different types of Trusts that all serve unique purposes. Here are 3 different Trusts that could be just what your Estate Plan needs:

Revocable Trust

A Revocable Trust is one that can be altered any time before you pass away. If something happens that changes your relationship with the recipient, you can remove them from it and give it to someone else. If there is an emergency and you need to remove assets you’ve already placed in the Trust, you can do that. Revocable Trusts offer a level of long-term protection that others may not.

Irrevocable Trust

An Irrevocable Trust is one that cannot be altered after it is created. You can continue to fund it, but you cannot remove any assets from it. You also cannot change any elements of it after it is created. If you no longer want to leave assets for someone, an Irrevocable Trust has no option to change what you already set in store.

Special Needs Trust

A Special Needs Trust is one set up for a loved one with special needs. It is designed specifically to help those who may not be able to take care of themselves or properly use assets that are left for them. With a Special Needs Trust, you can ensure that a loved one is properly taken care of for years after you pass away, and that their caretaker receives that help immediately.

Find the Right Trust For You

Trusts are a great Estate Planning method for protecting your assets and helping loved ones through tough times. To find the right Trust for you, contact Dublin Packard today! We help with family Estate Planning for the modern family. It all starts with a call!

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Todd Murphy

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