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Trusts are excellent estate planning tools because they give you the flexibility to pass down a variety of assets without going through probate, thereby saving your family time and money. There are two basic types of trusts you should know about, although there are several more subtypes that serve more specific outcomes.
Revocable Living Trusts
A revocable living trust is the most common type of trust. It basically holds title to assets on your behalf so you can control them during your life. When you pass, the assets in the trust can be properly delivered and disbursed to your beneficiaries without going through probate and the associated costs.
When properly executed, a revocable living trust can smoothly and easily transfer your assets in whole or in parts. You have the ability to add plenty of specific details to address your particular goals and objectives.
A revocable living trust can be changed, modified, or eliminated at any time, but gives a person tremendous versatility and privacy to deal with assets during one’s lifetime and beyond.
Irrevocable Trusts
An irrevocable trust lets you transfer assets out of your name and into the name of the trust. You essentially lose all rights and control over these assets, and the action is truly irreversible.
These types of trusts can be very helpful for tax planning, and they can also provide some asset protection from creditors. Oftentimes an irrevocable trust is used to protect the proceeds of a life insurance policy. Overall, it can be a very effective way to implement some great financial strategies.
Want to learn how a trust can maximize the assets you leave behind for your family? Call ElDeiry & ElDeiry, P.A. for personalized assistance with your estate planning goals.
"A friend recommended Wendy to help me create a Trust. If you need a well-crafted estate plan, look no further… Wendy was extremely organized, asked the tough questions that need to be answered, and made sure my Trust was created to my exact specifications with the utmost detail and personal care. I am extremely satisfied and I highly recommend her to my family and friends."
-Richard
"Everything was done professionally and timely."
-Gaetana
"I was very pleased with the services provided by Wendy, and her staff. She explained everything in a way I was able to understand. Everything very professional, friendly and on time. Thanks."
-Sandra
"A friend recommended Wendy to help me create a Trust. If you need a well-crafted estate plan, look no further… Wendy was extremely organized, asked the tough questions that need to be answered, and made sure my Trust was created to my exact specifications with the utmost detail and personal care. I am extremely satisfied and I highly recommend her to my family and friends."
-Richard
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