Estate planning often feels overwhelming. Adding to a person’s trepidation, discussions about estate planning typically involves discussing issues of life and death. Further, the person who is attempting to plan their estate must make many critical decisions, especially when it comes to trusts.
You can find help making these decisions. Working with an estate planning attorney when choosing your trust provisions can take nearly all of the mystery out of the process. Additionally, your attorney can help you decide which trust(s) will best protect you and your family.
To help you start thinking in the right direction, we wanted to use this post to introduce you to three popular types of trusts.
Revocable: As its name implies, this trust empowers you to make changes to the trust as the need arises. For example, you can alter your trust by adding assets or by removing them altogether.
Irrevocable: This type of trust in untouchable once completed. This means that no one will be able to alter or modify it — not even you. In other words, your wishes always remain protected.
Special needs: If a loved one has a disability, a special needs trust can ensure that they remain cared for after you are no longer around. Special needs issues require meticulous attention to detail when you are creating wills and trusts.
We understand that topics like estate planning, wills and trusts are uncomfortable reminders that we will one day leave this world. However, not having a plan in place can compromise the financial and emotional wellbeing of those you leave behind. We urge you to continue browsing our website for more information about protecting your family and your assets.