Learn about the Benefits of Incorporating a Trust (or Multiple Trusts) Into Your Estate Plan
While using a will to distribute your assets is an option, many people will find this approach undesirable for a variety of different reasons. Among other issues, distributing your assets through a will means that your entire estate is subject to probate, and this means that there is an enhanced risk for unnecessary costs, time delays and disputes among family members.
Using a trust keeps your estate out of probate, and it offers a number of other benefits as well. With a carefully-structured and properly-funded trust, you can maintain control over your assets during your lifetime, specify how and when your assets are to be distributed after your death, and address tax planning and other relevant considerations. There are a variety of different types of trusts; and, while a revocable living trust will be a sound choice for many individuals, it is worth considering all of the options that you have available.
The Revocable Living Trust
The revocable living trust has gained popularity as an estate planning tool in recent years, and with good reason. For many people, a revocable living trust offers just the right blend of flexibility and control. With a revocable living trust, you can maintain the ability to use and dispose of your assets during your lifetime just as you would if you did not have a trust in place; and, when you die, your assets will be managed by your chosen trustee and distributed according to your wishes as set forth in the trust’s governing documents. Additionally, by including appropriate “pour over” provisions in your will, you can ensure that your entire estate will be distributed according to the terms of your trust outside of the probate process.
Irrevocable Trusts for Life Insurance, Special Needs, Charitable Giving and Other Specific Purposes
Irrevocable trusts can be desirable estate planning tools for individuals who have specific needs or goals in mind. While revocable living trusts are most often used for the general distribution of estate assets to family members and other named beneficiaries, irrevocable trusts offer specific benefits (often tax-related) for specific types of assets and bequests. We assist clients with the selection and formation of all types of irrevocable trusts, including:
- Bypass trusts
- Charitable lead trusts
- Charitable remainder trusts
- Generation-skipping trusts
- Grantor-retained interest trusts
- Life insurance trusts
- QDOT trusts
- QTIP trusts
- Special needs trusts
- Spendthrift trusts
Regardless of your wealth and your estate planning goals, we can help you choose the trust (or trusts) that are most-suitable for your individual circumstances. Attorney Jim Singler will work closely with you to examine your options and help you make informed decisions with your immediate and long-term needs in mind.
Schedule an Initial Estate Planning Consultation at Singler Law
If you would like more information about incorporating one or more trusts into your estate plan, we encourage you to contact us for a confidential initial consultation. To schedule an appointment at your convenience, please call 513-486-0000 or tell us how to reach you online today.