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There is a misguided belief among many people that trusts are suited only to the ultra-wealthy. In fact, there are many different types of trusts and even people with a modest amount of assets can still make use of these essential estate planning tools.
Trust creation can be a bit complex. Additionally, if you don’t take the proper steps to fund your trust, your family could be in for a shock after you’re gone. Walk-In Wills will do everything in our power to make sure that doesn’t happen. Our licensed attorneys advise you on the creation of your trust from start to finish. We’ll also explain the difference between types of trusts.
Also known as a living trust, a revocable trust can be changed during your lifetime. Assets are transferred to ownership of the trust, which stops them from being probated. With a living trust, you serve as the trustee until your death, at which point control of the trust passes to another individual that you choose.
An irrevocable trust cannot be changed once assets have placed into the ownership of the trust itself. These trusts are often used to protect assets from taxation, as the trust-maker is relieved of ownership of any assets or income placed into the trust.
A special needs trust is created to help people who are disabled and unable to care for themselves. It can protect these individuals after their caregivers pass, or it can be used to provide funding to a disabled person without interfering with his or her governmental disability benefits.
Upon a person’s death, assets placed within a charitable trust are distributed to a specific charity or organization. Charitable trusts also help avoid estate and gift taxes, which can be quite expensive depending on the size of your estate.
If you’re concerned about heirs squandering the assets you leave them, a spendthrift trust might be right for you. These trusts also prevent heirs from making poor financial decisions before they actually receive the money, since assets in the trust can’t be accessed by creditors.
Walk-In Wills is here to answer your trust questions and put you on the right path towards creating an estate plan. Call (505) 903-7000 today to arrange a free hour-long consultation with a licensed attorney. You can also visit us online to see the full range of services we provide.