Although many people avoid discussions that pertain to their own mortality, others understand the need for crafting thorough and customized estate plans. Some say this is the best means for specifying one’s wishes and providing for loved ones’ futures. Included in many estate plans are various types of trusts.
Understanding the different types of trusts available and determining which type, if any, best suits one’s personal needs and estate planning goals is a personal matter, often best addressed through experienced legal counsel. Trusts are considered planning tools that not only help manage property issues when an estate owner is still alive but may ensure a smooth transition of assets after a benefactor dies as well. Trusts may be irrevocable or revocable; the main difference being that a revocable trust may be changed or modified by an appointed trustee.
Trusts typically refer to a transfer of ownership regarding property or assets. Depending upon the age and size of an estate owner’s property and other factors of consideration, the procedures for setting up a trust may vary. Each situation is different and estate owners often customize their decisions to suit their individual needs.
In addition to planning for one’s inevitable death, decisions concerning trusts are often made with regard to the possibility that an estate owner may one day become incapacitated and unable to make important financial decisions. Under such circumstances, it is often helpful to retain the assistance of an experienced estate administration and probate attorney. He or she would be able to answer questions regarding trusts, as well as any number of other questions pertaining to the topic.