When it comes to estate planning, every strategy is one that you should consider. By taking the right approach and by making the right moves, you will feel better about the present and the future.
In short, a trust is meant to preserve property and pass assets from one generation to the next. While this is simple enough, you need to realize that there is more than one type of trust to consider.
For example, a testamentary trust does not become active until you have passed on. At that point, your assets are put into the trust, and they are managed for the benefit of the beneficiaries, such as minor children,
A living trust is another option to consider. With this, you transfer title to the properties that you want to include in the trust. You have the right to act as your own trustee or to hire somebody to do so. Either way, nothing changes the fact that you can name the people who benefit from the trust.
Since trusts can take on so many forms, it can be difficult to choose the one that is best for your estate plan and family.
If you have any questions or concerns, don’t hesitate to contact our law firm. We are available to provide you with guidance, which includes giving you a clear idea of what type of trust will suit you and your family best. Take a few moments to look over our webpages on trusts to learn more about them. We also have pages dedicated to other forms of estate planning.