There are a few different types of trusts, including:
A living trust (often also called a revocable trust) is a trust created while you are alive that you control. Assets are placed in the trust for your control and are transferred to the person of your choice upon your death. Assets in a living trust typically do not have to go through probate.
Special Needs Trust
A special needs trust is critical when providing for a disabled loved one. Often, government programs are income or asset-based, and a beneficiary could be excluded from necessary programs when receiving a lump sum of money, like an inheritance. This type of trust excludes those funds from being included in the beneficiary’s financial assessment and allows them to retain eligibility for supplemental programs.
A testamentary trust is a trust set up to be employed after your death. It is typically part of a will. Though it may not help to avoid probate, these can still be useful for planning purposes, such as when you want to make sure a child or grandchild doesn't get assets until a certain age or if you want them distributed over a number years.
The experienced team at Stratton & Reynolds, LLC will sit down with you to discuss your needs and goals to help draft a trust that provides the greatest protection and provides the most secure future possible for your loved ones. Call our office today at (803) 358-7214 or fill out the brief contact form to learn more about how we can help you avoid probate and design a trust that is the perfect fit for your family.