Which type of trust will be the best addition to your estate plan?
Planning for the future can be a difficult process as it will require you to plan for contingencies and consider what you want to happen in the event of your death. These are not easy things to navigate, but you understand how important it is to take steps to protect your interests and those of your loved ones. One critical component in accomplishing this goal is ensuring that you have the right plans in place that will shield your property and ensure it goes to the right place both during your lifetime and after.
A specific estate planning tool that will allow you to have more direct control over your assets is a trust. This is a way for you to set aside property and designate it for a specific use. This is often a simple way for you to manage your assets effectively, especially if you have intentional goals for your Florida estate. A trust allows you to pass assets to a loved one, give to charitable organizations, care for a loved one with special needs and more.
Choosing the right type of trust
The type of trust that will be most beneficial for your estate plan depends on your goals for your assets and other factors, including whether or not you will want to access and manage the assets held within the trust during your lifetime. As you are considering a trust, the following facts may be helpful:
- A revocable trust is amendable during your lifetime, but an irrevocable trust is not.
- A trust can include different types of assets, including real estate, money, stocks and bonds, a business and more.
- Assets held within a trust do not have to go through the probate process.
- You can designate a specific trustee who will oversee the distribution and management of assets held in the trust.
There is a wide variety of specific types of trusts from which to choose, including a charitable giving trust, special needs trust, testamentary trusts and more. Making the decision to add a trust to your existing estate plan can be a prudent way for you to accomplish specific goals you may have for your property. A careful assessment of your objectives, personal property and other factors will help you understand how you can create a complete financial and legal strategy that will provide you with security and control.