What You Need to Know About Trusts
Trusts are an important tool in estate planning that allow you to direct how your assets are distributed after you die while allowing you the use of those assets during your lifetime. Some of the most important benefits of a trust include avoidance of probate and avoidance of estate taxes. Another benefit of trusts is privacy for your loved ones. When a will is probated, your financial information becomes a matter of public record. Provisions of a trust remain private. A trust provides financial protection and specifies how and when assets are passed on to a beneficiary. The common belief that trusts are suitable only for the very wealthy is simply untrue; trusts can benefit many people in many situations.
There are many types of trusts. Each with unique benefits. Just a sampling of the more common types include:
Living or Revocable Trusts
Special Needs Trusts
The type of trust you need depends on your unique situation. You can even design a trust to pass to a beneficiary at certain ages and in certain amounts, if you have an heir who is not good with money.
At Stratton and Reynolds our experienced attorneys enjoy getting to know our clients and learning about their goals for their loved ones. We can then help you craft a unique estate plan with the best possible trusts to help protect your loved ones and preserve your assets for their use.